arvind subramanian, let me start with you. india is accustomed to smaller blackouts but this is of a different magnitude. >> this was an entirely different magnitude. 700 million people but in some ways the real tragedy, judy, of this is the fact that had highlights the fac that india's chronically short of power. that's been a problem for 10, 20, 30, 40 years. i'm hoping that this will shed the spotlight on that bigger and more persistent problem. >> woodruff: chronically short of power. is is that what's behind this? >> i think that's true. behind that is the fact that india like china shifting from a state-directed system of economy to one where enterprise operates on its own. both countries are in a state of transition. countries have set up weird capitalist market system operating. india is moving in that direction. they're in the transitional period where it's neither a market system that functions in response to demands nor directed system which is compelling things to happen. that's true in china but not in india. when

we are delighted to host arvind subramanian today to speak on india's economy.s uncertain as the title suggests, maybe arvind will be able to spend some time helping us understand that, but i can't think of a better person to do this. i'm delighted of course to welcome him also as a former colleague at the imf, but arvind is currently a senior fellow jointly at the peter peterson institute of international economics and the center for global development. he's the author of a book called eclipse, living in the shadow of china's transformation. china's economic domination. he also wrote india's turn, understand economic transformation in 2008. i should note that foreign policy named him one of the world's top 100 global thinkers in 2011. while india today magazine nominate him as one of the top quote 35 masters of the mind. over the last 35 years. that's a very heavy burden that i'm sure he is bearing extremely well. buddies been an assistant director of the research of the international monetary fund, and he's also worked on the trade negotiations. he started the

. >> arvind subramanian spoke today. this is an hour and a half. >> good morning.i'm the director of the south asia center at the atlantic council, and on behalf of president fred kemp and my colleagues i'd like to welcome alloff you and thank you for coming in, despite the weather. we are delighted to host arvind subramanian to speak on india's economy, an unusual path and uncertain future. it's not as uncertain as the title suggests, and maybe arvind will be able to spend some time helping us understand that, but i can't think of a better person to do this. i'm delighted to welcome him also as a former colleague at the imf, but arvind is currently a senior fellow, jointly at the peterson institute for international economics and the center for global development. he is the author of other book called "eclipse, living in the shadow of china's transformation." about china's economic domination. he wrote, now understanding the economic transformation in 2008." i should note that foreign policy named him one of the world's top 100 global thinkers in 2011. while india

we are delighted to host arvind subramanian today to speak on india's economy.aybe he will be able to spend some time helping us understand the uncertainty, but i cannot think of a better person to do this. i would like to welcome him also as a former colleague at the imf. arvin is currently a senior fellow jointly at the peterson institute for international economics and the center for global development. he is the author of a book called "eclipse: living in the shadow of china's transformation." turn:o wrote "india's understanding the economic transformation" in 2008. foreign policy named him one of the world's top 100 global thinkers in 2011. "india today" magazine nominated him as one of the top intellectual masters of the mind over the last 35 years. that is a very heavy burden that he is bearing extremely well. he has been research director at the international monetary fund, and he has also worked on the year great wound up trade -- a round of -- the uruguay round of trade negotiations, and he contributes frequently to the "financial times" and other grou