To be sure, India has achieved enviable success in business services, like the glistening call centers in Bangalore and elsewhere. But in the global jousting for manufacturing jobs, India does not get its share.

Slapping a catchy acronym like the JOBS Act on a piece of legislation makes it more difficult for politicians to oppose it - and indeed that's what happened with the Jumpstart Our Business Startups Act.

Visits to crowded Indian urban centers unleash sensory assaults: colorful dress and lilting chatter provide a backdrop to every manner of commerce, from small shops to peddlers to beggars.

India's rigid social structure limits intergenerational economic mobility and fosters acceptance of vast wealth disparities.

Indian business women like Indra Nooyi, Chanda Kochhar, Naina Lal Kidwai, Shikha Sharma, Swati Piramal, Anu Agha, Swati Piramal, Sulajja Firodia Motwani and Zia Mody have put India on the global firmament.

Currently we have construction job levels reaching toward the ceiling but manufacturing jobs are virtually at the floor. With hardly any room to fall further, it doesn't seem likely that problems in housing and in construction will spread to manufacturing this time.