NEW DELHI – Nowadays, economists are assailed by irresolute thoughts: what, for example, is the right term to apply to current global economic conditions? Is it “depression,” “recession,” or, finally, “recovery”? What of the euro? Will it flounder or regain its “health”?
As these debates fill the air in finance ministries and economics departments around the globe, India continues its steady GDP growth, now projected to reach 9.4% this year. Indeed, the government says that the growth rate will hit double figures soon.
Although many people seem amazed that India has maintained rapid growth for so long – even in the face of the global downturn – surprise is unwarranted. India’s proportion of global GDP stood at 25% in 1750, but slumped to 1.6% in 1900, at the high noon of imperialism. India is simply rising again to reassert its traditional global position.
Can India achieve this?