India beats China : Harvard Study |
The Harvard University`s Center for International Development (CID) says that India will feature on top of the list of the fastest growing economies till 2025 with an average annual growth of 7.7 per cent, for a variety of reasons. The study attributed India`s rapid growth prospects to the fact that it is particularly well positioned to continue diversifying into new areas, given the capabilities accumulated to date. India has emerged as the economic pole of global growth by surpassing China and is expected to maintain its lead over the coming decade. The economic pole of global growth has moved over the past few years from China to neighbouring India, where it is likely to stay over the coming decade. The study says India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics. The major oil economies are experiencing the pitfalls of their reliance on one resource. India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years. The countries that are expected to be the fastest growing – India, Turkey, Indonesia, Uganda, and Bulgaria – are diverse in all political, institutional, geographic and demographic dimensions.
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