Realizing the Indian Dream
It is probably too early to say with certainty that India will soon take its place as the world's third largest economy, behind China and the US. But, given that India's investment climate seems to be improving, that moment might not be too far away.
NEW DELHI – It is not often that I get to wear two hats at once. But that is exactly what happened earlier this month, when I spent a few days in New Delhi.
I was in India primarily as part of my current role as Chairman of a review for the British prime minister on anti-microbial resistance (AMR). But my visit coincided with the presentation of India's 2015-2016 budget, the first under Prime Minister Narendra Modi. Given some of my other interests and experiences, I found what was presented to be very interesting.
Following recent revisions to its GDP figures, India's economy has recently grown – in real terms – slightly faster than China's. A key feature of my research into the BRIC economies (Brazil, Russia, India, and China) more than ten years ago was that at some point during this decade, India would start to grow faster than China and continue to do so for dozens of years.
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