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					    A perspective on Mumbai’s

In contemplating the creation of an  in            can take place with transacting coun-
India, the metropolis of Mumbai, backed               terparties from Tokyo to London i.e.,
                                                      covering all of Asia, the  and every-
by the human resources of India as a whole,
has six manifestly visible strengths:                 where in between. While the Americas          chapter
                                                      are beyond daytime conversations with
 . Hinterland advantage: Mumbai is the               Mumbai, the experience of  services,
    financial and commercial capital of                / and call centre industries has
    one of the largest and fastest-growing            shown that this handicap can be over-
    countries in the world. India is already          come. The same will be true of the 
    the world’s fourth largest economy in             industry. There is no  operating in
     terms after the , China and                 the Indian time-zone; resulting in a wide
    Japan. By  it will be the fourth largest      empty space ( time zones) between the
    in nominal terms. By  it will be the          clusters of s in the East (Tokyo, Hong
    third largest. India’s rapid growth has           Kong, Singapore and Sydney) and the
    resulted in a phenomenal increase in              West (London, Paris, Amsterdam, Frank-
    two-way cross-border financial flows                furt and New York). Dubai, for instance,
    that are related to trade and investment.         is using its location, straddling these
    Those flows are inducing high growth in            time zones as a selling point for  .
     demand. Mumbai is to India what               But it does not have many of the advan-
    New York is to the  (see Chapter ).            tages that Mumbai has (human capital,
. Human capital: India has high                      well-developed exchanges and trading
   quality, low cost human capital (at                platforms, a large hinterland market, 
   all skill/knowledge levels) with English           support capability) while having some
   speaking ability for a world class              advantages that Mumbai does not have:
   industry that can export successfully to           i.e., excellent infrastructure, good urban
   the world. But such human capital is               governance, political and administra-
   being absorbed at a rapid rate across              tive drive, the makings of a global city
   all service industries, and specialised            with expatriates from all over the world,
   knowledge in the frontiers of finance is            and an ambition to succeed, with no
   weak. Much needs to be done by way                 domestic political economy constraints
   of education and training to expand                holding it back.
   the human resource base in terms of its         . Democracy and Rule-of-Law: Properly
   width and depth. These constraints are             functioning financial markets require
   discussed later in this chapter.                   a basis for governance that is stable,
. Location: In the -hour trading en-               reliable, resilient and flexible; i.e.,
   vironment of what is now an increas-               one that reduces future political
   ingly integrated global financial mar-              risks and uncertainty. While these
   ket (encompassing  countries and               are important strengths, they are
   embracing many significant emerging                 accompanied by equally important
   markets as well) a well placed location            difficulties in governance of Mumbai
   that permits contact with participants             and of India’s financial regime. These
   in this market during daylight can be a            issues are discussed later in this chapter.
   significant strategic advantage. In work-        . Mindshare: High  growth, the
   ing hours, conversations from Mumbai                phenomenon, and the remarkable
172   R      M  I F C

                          success of Indians in global finance all            prominent role in the top  global
                          over the world, serve to ensure that India         financial firms. They are well-positioned
                          has significant ‘mindshare’ at senior               to intermediate between the business
                          decision-making levels of most global              strategies of these vital firms and the
                          financial firms.                                     genuine strengths and weaknesses of
                       . Strong securities markets and techno-              India as an .
                          logically advanced trading platforms:
                          India has established a beach-head for               The international image of India today
                          providing global  by virtue of its          involves a ‘high-skill with high motivation
                          dynamic, technologically capable securi-       and high adaptability’ labour force for almost
                          ties trading platforms in the  and          all service export industries. The attitude of
                          . These are the rd and th biggest         ambition and hard work is epitomised in a
                          exchanges in the world measured by vol-        statement of Shri Kamal Nath, the Indian
                          ume of transactions.                           Minister of Commerce: “In India, a  hour
                             Three of these six factors constitute       working week is considered part-time”.
                          unambiguous strengths: hinterland                    Table . applies the same -to-
                          advantage, location and mindshare.             scoring scheme, utilised earlier in this report,
                          The remaining three issues represent           in making a cross-country comparison of
                          strengths, but a nuanced analysis reveals      human skills in various kinds of finance
                          many important flaws. In the case of            functions. Mumbai is compared against
                          securities markets and trading platforms,      established and emerging  s. It shows
                          these issues have been dealt with at           that Mumbai has some strengths when
                          length earlier in the report. It was argued    compared with established  s. But at
                          that the framework of financial sector          the same time, the table does not support
                          policy and regulation at present severely      simplistic triumphalism of a kind often
                          limits India’s ability to utilise  and      expressed about the superiority of the Indian
                           fully in order to obtain an edge in        labour advantage. While India has a certain
                          international  competition. In this         presence in the finance labour force, there
                          chapter, we turn to a careful analysis         are many areas of weakness.
                          of the two remaining points: human                   India is weak in not yet being a full
                          capital, and the issue of democracy and        beneficiary (because it does not yet have its
                          rule-of-law.                                   own ) of the globally mobile expatriate
                                                                         workforce in finance. To be sure, Indian
                      1. Human capital needs for IFS                     expatriates populate almost all the English-
                                                                         speaking  s. The three  s and
                      India has four strengths by way of human            would not be able to function as
                      capital endowments that give it an edge over       well as they do without them. But these
                      other emerging s as far as the utility of its   expatriates choose to live in these  s
                      human capital endowments for competitive           and change their nationality rather than
                       provision is concerned:                        remaining India-centric. By contrast, the
                       . The extensive use of English, which is the     financial community of British, American,
                          lingua franca of international finance;         Australian, Japanese, Canadian, Singaporean
                                                                         and European nationals is genuinely globally
                       . Generations of experience with en-             mobile, shifting continually across s at
                          trepreneurship, speculation, trading in        home and abroad, while remaining anchored
                          securities and derivatives, risk taking,       to their nationalities and homelands. They
                          and accounting. Indeed the ability to
                                                                         accrue significant benefits for their home
                          provide  competitively seems geneti-
                                                                         economies by doing so.            Having an
                          cally coded into Indian finance profes-
                                                                          in Mumbai would enable India to
                                                                         shift from exporting its best financial
                       . Strong skills in information technology        talents permanently, to retaining a hold
                          and quantitative thinking;                     on such talent in the future by providing
                       . Individuals of Indian origin play a            greater global mobility, combined with an
                                                                                                         . A perspective on Mumbai’s strengths   173

Table 13.1: Cross country comparison of human capital support for the IFS Industry

                                                           London     New York       Tokyo   Singapore   Mumbai     Hong Kong     Seoul   Sydney   Dubai

J1.   Quality, availability and cost of Finance Industry
      : Strategic/Exec                                      10           10           5         6           3            6          5        7      6
      : Management (all functions)                           7            8           5         6           4            7          6        7      6
      : Trading & Dealing                                    9            9           6         8           4            7          6        7      5
      : Financial Analysis & Research                        7            9           5         6           8            7          6        7      6
      : Compliance Specialists                               8            7           6         9           4            5          6        8      6
      : Back-Office Functions/Support                         6            7           4         5           9            7          6        4      6
J2.   Presence/Quality of Post-Graduate Teach-               6           10           4         3           2            3          3        5      0
      ing/Research Institutions in Finance
J3.   Local Pool/Network of globally experienced            10            8           4         7           2            5          5        7      5
      finance professionals
J4.   Local presence of Global HR Recruit-                  10           10           6         8           2            5          5        7      5
      ment/Consulting/Training Firms
J5.   Ease of entry, exit and overall mobility of global      8           7           3         7           2            6          3        6      8
      finance professionals at all levels

attachment to the homeland, that will prove                       is only % of the total university educated
mutually beneficial.                                               workforce in India, compared to % in
     A McKinsey Global Institute Survey                          Germany and % in China.
estimates India’s pool of young university                             Some evidence from the World Eco-
graduates (those with  years or less of                          nomic Forum and from  (Switzerland)
experience) at  million – the largest of                        comparing India against some other coun-
the  countries surveyed. This is . times                      tries on workforce skills is shown in Ta-
that of China and almost twice that of the                        ble .. There are divergent views between
. This pool increases by about . million                      the two sources on the educational system:
every year. But, only a fraction of this pool                      ranks India at th out of  (i.e., in
has credible, usable skills.  managers                         the top decile) while  ranks the educa-
surveyed estimate that only –% of                             tional system at th out of  (i.e., in the
this pool would be suitable for an                             bottom third). India scores high on edu-
environment. That is half the proportion in                       cation and staff quality in finance in both
Central Europe. The reason for this outcome                       instances.
is ascribed to: (a) extreme variability in the                         One aspect of labour quality concerns
quality of tertiary educational institutions                      support services – e.g., accounting, legal
– India has a handful of the best such                            services, business consulting and  support
                                                                  – that are typically outsourced by financial
institutions in the world; but they co-exist
                                                                  firms. These services complete the skill
alongside too many of the worst; (b) high
                                                                  sets required by an  . The presence, for
rates of emigration of graduates from India’s
                                                                  instance, of highly specialised printing firms
top quality institutions to  countries;
                                                                  with tight internal security arrangements,
and (c) the inadequacy of communication
                                                                  has become a complex specialised service in
skills in English except for the top tier of
                                                                  the  market, given increasingly stringent
students from the better institutions who
                                                                  regulatory disclosure and insider-trading
come from relatively high income groups                           prohibitions. Hitherto, a combination of
and class backgrounds. In terms of technical                      legal and commercial skills was a prized
and quantitative skills, only . million                         requirement in financial contracts; this
students hold engineering degrees. That                           combination is now meshed with specialised
    “Ensuring India’s offshoring future”, Diana Farrell,          printing skills.
Noushir Kaka and Sacha Sturze, in Fulfilling India’s                    Broadly speaking, in a cross-country
Promise (McKinsey Quarterly Special Edition ).                comparison, India fares well in these support
174           R      M  I F C

                                             Table 13.2: Workforce skills base comparisons

                                             Rankings                                         USA       UK   Japan    India   Hong Kong       S’pore       Australia

                                             Educational System (b)                            17       36    40       11         15            3              4
                                             Quality of the Educational System (a)             27       22    31       39         17            2              7
                                             Education in Finance (b)                          16       45    54       17         12            5              4
                                             Quality of Management Schools (a)                  1        3    37        6         25           16              7
                                             Tertiary Enrolment Rate (a)                        4       13    29       79         56           32              9
                                             Availability of Finance Skills (b)                 8       33    49       12          7           11             17
                                             Reliance on Professional Management (a)            5        2    12       29         28           18              3
                                             Labour Productivity – GDP (PPP) per person per     7       21    24       60         30           28             17
                                             hour (b)

                                             (a): Global Competitiveness Report 2004/05, World Economic Forum, (104 countries);
                                             (b): World Competitiveness Yearbook 2005, Institute for Management Development, Switzerland, (60 countries)

                                             services, except in the case of global law                           Modern post- finance knowledge,
                                             firms, where India lags other  s. One                         at present, in India is weak; especially
                                             way of developing capacities rapidly in the                     on the part of senior executives in most
                                             support services and financial segments                          Indian financial firms as well as in the upper
                                             mentioned above is to attract dominant                          echelons of financial regime governance.
                                             players in these segments into the  .                        Lacking such knowledge and familiarity
                                             London got a major boost when Deutsche                          with the kinds of operations and risks
                                             Bank decided to move its global operations                      involved in derivatives markets for instance,
                                             there. The presence of all the big investment                   the approach taken in India is to avoid
                                             and commercial banks provides a critical                        these activities altogether or to constrain
                                             mass to financial operations in Singapore.                       them to a point of irrelevance. Mainstream
                                             Emerging  s like Dubai are pulling out                        programs have a heterogeneous intake,
                                                                                                             and do not delve into modern quantitative
                                             all the stops to attract global financial talent
                                                                                                             finance.      Staff quality at universities
                                             supported by middle management and lower
                                                                                                             is inadequate when compared with the
                                             level labour skills for  from India.
                                                                                                             requirements of teaching modern finance.
                                                   Although there are still many regulatory
                                                                                                             As an example, the Heath-Jarrow-Morton
                                             restrictions on the entry of foreign banks
                                                                                                             model is the workhorse of thinking about
                                             into its domestic banking market, India                         fixed income derivatives. There are probably
                                             has not been able to attract large capital                      not more than five individuals working at
                                             markets players, even though there are                          universities in India who understand this
                                             fewer restrictions on their entry in that                       model.
                                             sub-segment. That is mainly because the                              Indian finance professionals have
                                             development of major areas of financial                          a reputation for being quantitatively
                                             activity in which such institutions excel (e.g.,                competent. This is rooted in the high quality
                                             mergers and acquisitions, risk management,                      of high school education in India, where
                                             currency trading, interest-rate arbitrage,                      everyone going through the th Standard
                                             corporate-sovereign-sub-sovereign bond                          learns calculus. Many engineers who turn
                                             issuance, hedge funds) are also artificially                     to finance are skilled in calculus and linear
                                             proscribed in India.                                            algebra. But they often do not know as
Table 13.3: Rankings: Quality and Capacity of Business Support Services to sustain an IFC

                                                          London      New York      Tokyo     Singapore      Mumbai      Hong Kong     Seoul     Sydney         Dubai

H1.    Quality, reputation and presence of Global             9            9           8            9           6             8           7            9           6
       Accounting Firms
H2.    Quality, reputation and presence of Interna-           9           10           6            7           2             8           5            8           5
       tional Law Firms
H3.    Quality, reputation, presence of Global               10           10           8            9           4             7           6            8           6
       Consulting Firms
H4.    Quality and competitiveness of IT, BPO, KPO            6            6           4            5           9             5           5            5           6
                                                                                                 . A perspective on Mumbai’s strengths   175

   Box 13.1:     The Master of Science in Finance ( )
      In India today, the                and developing and testing      technology and financial
   commonest degree obtained by          trading strategies.             methodologies are applied to
   individuals seeking a career in                                       analyze complex problems. The
                                      . The MSF tends to involve
   finance is the MBA.                                                    coursework stresses the
                                         substantial teaching in
   Internationally, however, there                                       application of contemporary
                                         analytical financial
   has been a strong shift in                                            theories in a global context and
                                         economics, going beyond
   finance professionals, away                                            develops valuable financial
                                         the more descriptive finance
   from the MBA towards a new                                            modelling and analytical skills.
                                         coursework as seen in the
   degree called the Master of                                           The programme contents
                                         MBA where the
   Science in Finance. There are                                         impart students with a
                                         mathematical background
   three main differences between                                        thorough understanding of the
                                         of students is inadequate.
   the MBA and the MSF:                                                  nature and operation of
                                                                         international financial markets
   . Usually about 20–25% of
                                          The MSF program prepares       and institutions and develop the
      the coursework in an MBA
                                      students for careers in financial   analytical skills essential to
      curriculum is focused on
                                      analysis, investment               structuring deals and designing
      finance, while all the
                                      management and corporate           financial instruments, pricing
      coursework in an MSF is in
                                      finance where they will             financial products and valuing
                                      confront sophisticated financial    companies, designing and
   . The MSF imparts greater         instruments, markets and           managing investment portfolios
      knowledge of mathematics        trading strategies. The typical    and managing risk for financial
      and computer science, thus      MBA student has a very limited     institutions and multinational
      preparing the student for       knowledge of derivatives           corporations.
      the quantitative and            arbitrage; the typical MSF
      data-intensive modern                                                India’s best institutions
                                      student knows quite a bit about
      finance workplace, where                                            urgently need to introduce and
      mathematical models are                                            offer courses aimed at an MSF
      applied into measuring risk,      The MSF is a quantitative        degree.
      pricing financial instruments,   program, where current

much about probability theory. Finance                   School ( ) and the London School of
professionals in London do more computer                 Economics () supported by mathematics
programming, while their counterparts in                 and quantum physics graduates from nearby
Mumbai are likely to use a spreadsheet.                  Oxford and Cambridge which are an hour’s
      If Mumbai is to emerge as an  ,                 drive away. But they do not quite compare
substantial skills development will be                   as yet with the sheer cerebral firepower in
required to overcome a potential human                   quantitative finance that is concentrated at
capital supply constraint in financial services:          the top  institutions.
especially in the areas of stochastic calculus                Singapore has the National University
and analytical financial economics. Middle                of Singapore ( ). In a recent and
level executives and senior staff employees               remarkable achievement, the ‘Singapore
of financial firms, who knew mathematics                   Management University’ has been created.
when they were in their twenties, need to                This is a private university, created in 
go back to learning probability, statistics,             using public funding. It operates in the
analytical financial economics and computer               heart of the city, in order to maximise
programming. The flow of young people                     the two-way flows of knowledge between
coming into the finance field needs to have                the industry and the university. It pays
a much stronger grounding in probability,                globally competitive wages in order to
statistics, analytical financial economics and            attract world class researchers. Singapore
computer programming.                                    Management University is very young when
      New York has the Stern School of                   compared with the IIMs, and it has only
Business at New York University (), and               one campus when compared with the
the Economics Department at Columbia                     numerous IIMs. Yet, a google search for
University. It is also supported by schools              “singapore management university” already
in close proximity such as  , Wharton                 yields , hits while a google search
and Chicago that excel in quantitative                   for “indian institute of management” yields
finance. London has the London Business                   ,. This suggests that Singapore
176            R      M  I F C

Table 13.4: Rankings: governance issues affecting operations/Credibility of an IFC

                                                                     London      New York   Tokyo   Singapore   Hong Kong    Seoul   Sydney    Dubai

G1.     Quality and Credibility of National Governance                  7            6       7         10           3          6        7        7
G2.     Quality and Credibility of State/Provincial Governance          8            9       8         10           5          7        8        7
G3.     Quality and Credibility of Local/Municipal Governance           8            8       9         10           6          7        8        9
G4.     Influence of Politics in diminishing Governance Quality:
        National/Federal                                                6            6       8         10           5          5        8        8
        State/Provincial                                                6            8       8         10           6          5        7        8
        Local/Municipal                                                 8            8       8         10           7          7        8       10
G5.     Quality, Capacity, Efficiency, Effectiveness of Administra-
        National                                                        6            7       8         10           5          6        8        8
        State                                                           6            8       8         10           6          6        8        8
        Municipal                                                       8            9       9         10           7          7        8        8
G6.     Role of Checks & Balances (NGO oversight, media                 8            9       5          2           4          4        6        0
        freedom, civic action etc.)

                                             Management University has been able                      of openness. Respect for property rights
                                             to very rapidly build up a presence and                  is strong (more in principle than practice).
                                             achieve impact. In addition, the Singapore               India has, in the past expropriated property
                                             government is working with over a dozen                  and undertaken sweeping nationalisations
                                             global universities, attracting them to                  in finance and industry. That history should
                                             establish campuses in Singapore. In                      theoretically count against it as far as having
                                             contrast, India has presented a forbidding               an  is concerned although London was in
                                             environment where foreign universities are               a similar situation when the  also resorted
                                             unable to establish operations in India.                 to nationalisations that it later reversed.
                                                  Mumbai has no institutions (except                  And, in the era of nationalisation in the
                                             perhaps ) where a few of the highest-               , London’s fortunes as an  definitely
                                             calibre intellectuals inhabit an ivory tower,            suffered.
                                             conduct on-going research programmes                           As Fareed Zakaria has emphasised, the
                                             with Indian financial firms at the frontiers               heart of a democracy (and its protection
                                             of finance, and teach the next generation                 and safe-keeping) lies in the quality of its
                                             of finance professionals. Mumbai lacks                    judiciary and not only in the legislature or
                                             the wealth of conferences, seminars, short-              in elections. The infrastructure for law and
                                             term continuing education courses, and                   order, and contract enforcement, are central
                                             intellectual life that sustains the top end of           to a vibrant democracy. They directly affect
                                             the financial services industry. The top ten              the credibility/viability of Mumbai as an
                                             books on the desks of quantitative financial              emerging .
                                             professionals in global financial firms are                      India is a thriving democracy – the
                                             available off the shelf at bookshops in New               world’s largest, most complex and most
                                             York, London and Singapore. But they are                 vibrant – supported by a legal system that
                                             almost impossible to find in Mumbai and                   is now being strained at the seams with
                                             have to be acquired abroad. India lacks not              the rapid growth and progress that has
                                             just the sophisticated mathematical skills it            occurred since the s. The length of
                                             needs in its financial services workforce it              time taken for cases to progress through the
                                             lacks teachers in these disciplines and simply           legal system and the consequent enormous
                                             does not produce enough of an annual flow                 backlog of cases that has built up in
                                             of them.                                                 the lower civil courts, impinges on the
                                                                                                      question of whether India has a legal system
                                             2. Democracy, Rule-of-Law and                            environment that is sufficiently supportive of
                                                                                                      the swift resolution of conflicts and disputes
                                                the Legal System
                                                                                                      arising from the settlement/enforcement of
                                             India has a long tradition of free and fair              complex international financial contracts.
                                             elections, freedom of speech, and a spirit               That in turn influences the prospects of
                                                                                                  . A perspective on Mumbai’s strengths   177

Table 13.5: Protecting Investors & Enforcing Contracts

                                                                         Strength of
                       Extent of          Extent of         Ease of        investor
                       disclosure          director      shareholder     protection
                         index         liability index    suits index       index       Procedures       Time
                         (0–10)             (0–10)          (0–10)          (0–10)       (number)       (days)

Singapore                   10                9               9                 9.3         23            69
United States                 7               9               9                 8.3         17           250
Hong Kong, China            10                8               8                 8.7         16           211
United Kingdom              10                7               7                 8           14           288
Australia                     8               2               8                 6           11           157
Japan                        6                7               7                 6.7         16            60
Germany                       5               5               6                 5.3         26           175
Korea                         7               2               5                 4.7         29            75
Malaysia                    10                9               7                 8.7         31           300
France                       10               1               5                 5.3         21            75
Taiwan, China                 8               4               4                 5.3         28           210
UAE                           4               8               2                 4.7         53           614
China                       10                1               2                 4.3         25           241

Sources: World Bank Group Doing Business 2007 and 2006

providing  to the global market from                     consensus that there was considerable scope
Mumbai on an efficient, competitive basis                     for improving governance at all levels of
and of Mumbai becoming a competitive                     the system –particularly at sub-sovereign
in the foreseeable future.                                  levels. It felt that governance standards in
     Using the same techniques as in earlier                India needed to approach world standards
chapters, the comparative Table . ranks                  as rapidly as possible if Mumbai prospects
various established and emerging s on a                  for emerging as an  that was credible
series of layered governance variables. As in               in global financial markets were not to be
the case of legal comparators shown in an                   compromised.
earlier chapter, the  felt that it was not                    The most critical role of the State
in a position to derive subjective rankings                 (and the government in power at the time
on these variables for Mumbai. Consensus                    exercising the functions of the State), as far as
could not be achieved on quantitative scores                its citizens and residents are concerned, is its
for Mumbai, given the degree of subjective                  ability (with the infrastructure and human
judgement involved in coming up with                        capacity it has in place) to uphold the law,
such scores. But the  did have broad                    to ensure the maintenance of law and order

Table 13.6: Paying Taxes

                                     Payments                     Time                     Total tax payable
                                     (number)                (hours per year)             (% of gross profit)

Singapore                                16                         30                           19.5
United States                             9                        325                           21.5
Hong Kong, China                          1                         80                           14.3
United Kingdom                           22                         –                            52.9
Australia                                12                        107                           37
Japan                                    26                        315                           34.6
Germany                                  32                        105                           50.3
Korea                                    26                        290                           29.6
Malaysia                                 28                         –                            11.6
France                                   29                         72                           42.8
Taiwan, China                            15                        296                           23.6
United Arab Emirates                     15                         12                            8.9
China                                    34                        584                           46.9
India                                    59                        264                           43.2

Source: World Bank Group Doing Business 2007 and 2006
178   R      M  I F C

                      through enforcement capability (i.e., the         areas. On the specific question that exercises
                      effectiveness of its police forces and other       the mind of those operating in an – i.e.,
                      mechanisms), to prevent crime and provide         the problem of enforcing a contract, this
                      security for persons and their property, to       takes on average  days in India, far longer
                      enforce property and creditor rights fairly       than in any other country shown in the table
                      and impartially, and to resolve contractual       with the exception of the .
                      disputes through the due processes of law.             Finally, an important aspect concerning
                           In all these respects it is no secret that   the functioning of the State in a country
                      much progress needs to be made at sovereign       intent on establishing an  – that auto-
                      and sub-sovereign levels of governance to         matically requires extensive participation
                      arrive at global standards. The challenge         by international firms and individuals – at a
                      of a third world country attempting to            procedural level is the overhead and com-
                      achieve first world standards in these areas is    plexity of its tax system. Table . below
                      daunting; but India has made a promising          shows that in India, there are  distinct tax
                      start with domestic expectations rising as        payments made by a firm, a task which takes
                      rapidly as incomes. The  believes             up  man-hours per year. This compares
                      that progress in governance at all levels – in    poorly with alternative  s like Dubai or
                      the public and private sectors – needs to be      Singapore.
                      commensurate with rate of progress in other