Next Europe by Joop Hazenberg

Author:Joop Hazenberg [Hazenberg, Joop]
Language: nld
Format: epub
ISBN: 9789462251236
Publisher: Fosfor
Published: 2014-08-27T22:00:00+00:00

8

India: A giant economic mediocrity

Across the Himalayas lies the subcontinent of India, a country that will be the third biggest economy in 2030. By that time it will also have the largest population, surpassing China. But India will not be a super-superpower in the near, or even distant, future.

Just like the Chinese, the Indians have experienced a spectacular growth in recent decades. Back in 1991, the government decided to liberalise the economy, with astounding results, such as a quadrupling of the economy. Extreme poverty figures have been reduced, the caste system is less and less important. The 1.3 billion people have seen their GDP per capita rise from €220 to €5000 in just 30 years. India now has more than 800 television channels, while in 1990 it just had two. Together with other rising Asian economies, India will be the place of the world’s middle class in the 21st century. By 2030 more than 2.5 billion people in the Asia-Pacific region will be added to this class.

According to a study by Friends of Europe, India has many advantages to rely on. It has a large domestic market, abundant cheap and skilled workforce, and Indian companies are becoming an increasingly potent global force. In addition, the IT industry keeps thriving – far beyond the call centres of the recent past. India is even developing nuclear and space programmes. In 2020 a quarter of the world’s workforce will be in India.

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