Countries of Modern Indian subcontinent (Photo credit: Wikipedia)
New York Times: ““The economic slowdown in India is one of the world’s biggest economic stories,” even though it has not commanded much attention in the United States, Tyler Cowen writes in The New York Times.
“What is disturbing is that much of the decline in the growth rate is distributed unevenly, with the greatest burden falling on the poor,” he writes. “If the slower rate continues or worsens, many millions of Indians, for another generation, will fail to rise above extreme penury and want. The problems of the euro zone are a pittance by comparison.”
China commands more attention, but Scott B. Sumner, the Bentley College economist, has pointed out it is India that is likely to end up as the world’s largest economy by the next century. China’s population is likely to peak relatively soon while India’s will continue to grow, so under even modestly optimistic projections the Indian economy will be No. 1 in terms of total size. India also is a potential force for energizing the economies of Bangladesh, Nepal and, perhaps someday, Pakistan and Myanmar. The losses from a poorer India go far beyond the country’s borders; furthermore, the wealthier India becomes, the stronger the allure of democracy in the region.”
CHINDIA ALERT: You'll be living in their world, very soon 