Sunday, October 3, 2010
India's surprising economic miracle
It's China that mostly has come to the media's attention lately. It's no longer the hidden tiger and has prove itself to be the world's potential new super power. This thus left India the remaining country in Asia that will most likely to become huge in the future even when it receives a lot less attention. The article describe the advantages and disadvantages of India, and briefly compare to those of China. In fact, some economists think India will grow faster than any other large country, even China, over the next 25 years. I think it's a very interesting article since the author reveal such strengths of India which does not appear to be so with "HORRIBLE toilets. Stagnant puddles buzzing with dengue-spreading mosquitoes. Collapsing masonry. Lax security. A terrorist attack."
Subscribe to:
Post Comments (Atom)
4 comments:
I think this is a very good sign. Coming from India I know that the media portrays a terrible picture of the country. It is good to see a positive article in the news finally! During the recession I myself noticed that not too many people or organizations were that affected-however those who were, got hit hard.
I dont think India will outpace China’s growth.How is it able to do that with 450 million poor, 250 million whose ill-health will never allow contributing to the national economic growth and 57 million children in India malnourished which is about one third of all underweight children in the world? What do you eat when you are hungry? Democracy? Besides, the Chinese are not going take a nap now and let someone walk past them.
But can market capitalism work in the long-run without democracy? It is quite possible that the nature of the Indian political system and how they express their public choice will allow them to surpass China in economic growth. This may not happen any time in the near future, however China cannot keep growing at the rate it is forever which could allow India to eventually overtake it.
I think the young demography will soon turn into a old demography and the task to provide welfare services to them will be gigantic, and quite simply unmanageable for any country in the world, let alone India.
The fact is that the article might not well address the situation in India. I have an Indian friend and he told me that large parts of India are still heavily regulated. Also, the country has issues with most of its neighbors - China, Pakistan, Bangladesh, Nepal and Srilanka.
I think market capitalism does work in the long-run without democracy. China is doing it and there hasnt been a sign of slowing down. I think even though China appears to be a socialist country, its system is really a capitalist system and the government has been well performing its role in the market. There are only 2 true socialist countries in the world, as prof. Skoples said in class, which are North Korea and Cuba
Post a Comment