Newsweek cover story on India…
The latest issue (Mar 6 ’06) of Newsweek has a cover story on India by Fareed Zakaria. Some interesting excerpts from the article:
…Over the past 15 years, India has been the second fastest-growing country in the world—after China—averaging above 6 percent growth per year. Growth accelerated to 7.5 percent last year and will probably hold at the same pace this year. Many observers believe that India could well expand at this higher rate for the next decade.
…While China’s rise is already here and palpable—it has grown at almost 10 percent since 1980—India’s is still more a tale of the future, but a future that is coming into sharp focus. A much-cited 2003 study by Goldman Sachs projects that over the next 50 years, India will be the fastest-growing of the world’s major economies (largely because its work force will not age as fast as the others). The report calculates that in 10 years India’s economy will be larger than Italy’s and in 15 years will have overtaken Britain’s. By 2040 it will boast the world’s third largest economy. By 2050 it will be five times the size of Japan’s and its per capita income will have risen to 35 times its current level. Predictions like these are a treacherous business, though it’s worth noting that India’s current growth rate is actually higher than the study assumed.
…..Another example: every year Japan awards the coveted Deming Prizes for managerial innovation, and over the last four years, they have been awarded more often to Indian companies than to firms from any other country, including Japan.
…..Personal consumption makes up a staggering 67 percent of GDP in India, much higher than China (42 percent) or any other Asian country. Only the United States is higher at 70 percent.
Recent Comments