India – the land of promise

Is India really on its way to become the next global economic superpower? Many business experts and economy gurus believe so, although some are sceptical, claiming that the boom is exaggerated.

The Times of London said this about India in its editorial:

“There are still huge bureaucratic obstacles: a “licence raj” not yet fully dismantled; a creaking infrastructure with potholed roads, aged airports and an overloaded electricity grid; a number of states with appalling local government and Naxalite uprisings; and a sprawling administration that may be democratic but is held back by corruption, political rivalries and vested interests.”

But the daily highlighted the three big advantages India has: democracy, English and a free market. Read the full article here.

A booming India is no doubt good news for the estimated 350-400 million people (of the 1.1 billion population) who are below the poverty line, 75 per cent of them in the rural areas. (see pix above)