1. India's TFP growth averaged 2.5% over the last 2 decades, with modest economic and political reforms.

The analysis of the relationship between output and the aggregate of all inputs; Total Factor Productivity growth is calculated as the difference between the rate of growth of output and the weighted average rate of growth of inputs, where the weight associated with each input is its share in GDP.

2. Outlook for acceleration in TFP growth is very promising, due to acceleration in pace of economic and political reforms in India.

3. Moving from being crisis-driven in the 1990s to success-driven.

4. Introduction of foreign competition has forced Indian companies to revamp operations and boost productivity.

5. Improved labour quality through improved literacy and education.

6. India's current TFP is estimated at between a third and 40% of what it could potentially be.

An Indian saleswoman is pictured in front of jewellery showcases in the Malabar jewellery shop in Bangalore.

Photograph: Dibyangshu Sarkar/AFP/Getty Images

Also see: The Tata legacy