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Thursday, November 4, 2010

India's surprising economic miracle

The internationally regarded magazine, The Economist, says that India will soon start to outpace China on the shoulders of a young and growing workforce and the much-tested democracy. 

The cover story on "How India's growth will outpace China's" in its latest issue attributes "India's surprising economic miracle" largely to its private. "Its economy is expected to expand by 8.5 percent this year”, the magazine reports.
"It has a long way to go before it is as rich as China - the Chinese economy is four times bigger- but its growth rate could overtake China's by 2013, if not before. Some economists think India will grow faster than any other large country over the next 25 years. Rapid growth in a country of 1.2 billion people is exciting, to put it mildly," it said. 

Citing demography as one of the two reasons why India will soon start to outpace China, the magazine noted "China's workforce will shortly start ageing; in a few years' time, it will start shrinking. India is now blessed with a young and growing workforce. Its dependency ratio - the proportion of children and old people to working-age adults - is one of the best in the world and will remain so for a generation," it said. 
India's economy will benefit from this "demographic dividend", which has powered many of Asia's economic miracles. 
In noting the strength of Indian decocracy the Economist said, "Since the early 1990s, when India dismantled the "licence raj" and opened up to foreign trade, Indian business has boomed." 
"Ideas flow easily around India, since it lacks China's culture of secrecy and censorship. That, plus China's rampant piracy, is why knowledge-based industries such as software love India but shun the Middle Kingdom".

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