But hanging over this optimism is the threat from a government which is getting deeper and deeper into debt. Mercifully, India has managed to grow quite strongly despite such persistently high deficits. Household savings cannot be freely converted into overseas capital, leaving them captive in the hands of the government. Even banks have to keep a quarter of their deposits in government bonds, giving the state another captive facility to finance its debt. The state also owns about a trillion dollars of productive assets through its enterprises. In fact, India is a curious study in contrasts: a feeble government, perhaps getting weaker by the day, and an energetic civil society whose aspirations and ambitions are soaring by the minute. The government must fix itself, or it runs the grave risk of converting aspirations into disappointments, and ambitions into anger.