China's double digit economic growth for the last one decade is perhaps a wonder of the world in our time as no country could show such consistency in terms of economic growth in the world. These days, Indian economic growth is creating media headlines but India could not yet achieve double digit economic growth. In fact, Indian GDP growth is hovering around 8% in the last few years. So, naturally, I got a bit surprised to see the headline in International Herald Tribune (IHT), 'India gains on China with 9.3% growth'. Indian economy grew by 9.3% in the final quarter of last fiscal year (ending on March 31).
Is India finally catching up China in economic growth? Well, until now, I did not find anything to give a positive reply to this question. Even, Indian politicians have not claimed that they are on the verge of overtaking China in GDP growth. Even many observers are worried that the high price of oil in the international market can hurt Indian economic growth in the current fiscal year. More than that, most people in India are related to farming and to have a double digit growth India must shine in the agriculture sector but I do not see any indication of Indian grand success in agriculture like outsourcing. However, there is no reason to get disappointed. India may not overtake China in GDP growth in the next 5 years but if Indian government and the private sector set a goal to achieve in the next 10 years and then work hard then double digit growth is not impossible.
Do you have the same opinion?
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One thing I notice about China is that most of its citizens would willingly participate in any sort of political and economic programs its country cooks up. Perhaps, that made it easy for China to achieve such high ranking economic growth because most Chinese are highly cooperative. I don't know about India. Maybe it has to find another way of outpacing China. Afterall, It isn't impossible. Only time can tell.
Posted by: nepspeed82 | May 31, 2006 2:26 PM | Permalink to Comment