India bats; fielders watch China
India has already overtaken China in terms of economic growth in the fiscal year that ended on March 31 this year, analyst of VTB 24 bank Oleg Dushin has estimated India’s growth this fiscal at 7.4% more than the 7% China is struggling to maintain.
If growth forecasts for the next year on the Indian GDP rising to 8.1-8.5% are correct, the gap can only increase.
Dushin links India’s success to three factors. The first is the devaluation of the rupee, which has made the economy more competitive. The second is the drop in oil prices. Since India imports 80% of its oil requirements, cheaper energy has a positive impact on the economy. And finally, a reformist government assumed office in India last year, which is now implementing reforms to create jobs and attract investments.
Here read this article on India by John Garnaut in The Sydney Morning Herald today 23 October, 2015…
Rising India is vital to allied hopes to deter China
With Australia firmly in the geopolitical mix, no one is publicly talking about China and containment, but all strategies are going in that direction.
Indian Prime Minister Narendra Modi’s refashioning of India into what he calls ”˜”˜a leading power’’ is a harbinger of the emerging multi-polar world that Australia will have to navigate.
A recent cover of India Today magazine has Prime Minister Narendra Modi dressed up as Superman, fist outstretched, flying around the planet and restoring his country to its rightful position as a “global force”.
The image might seem odd when viewed from Australia, where geo-politics is usually framed as a binary contest between the United States and China, but Modi’s refashioning of India into what he calls “a leading power” is a harbinger of the emerging multi-polar world that Australia will have to navigate.
Figures released this week show India has just overtaken China and is now the world’s fastest-growing major economy. The redistribution of power, confidence and nationalistic bravado is accelerating. “China’s over, China has had its run,” an Indian minister told me during a visit to New Delhi. “The game now shifts to India.”
http://www.smh.com.au/”¦/all-eyes-on-indias-emergence-as-a-g”¦
John Garnaut is Fairfax Media’s Asia-Pacific editor.
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