Roubini Topic Archive: India
A New York Times story last week featured a picture of a happy Indian farmer in his new house, a replacement for a miserable mud hut. His sister, a scarf modestly hiding her face from the photographer, extends her arm to show a new silver bracelet and ring. The house and the silver were bought […]
My one-man committee has met and made a decision: The award for best economics news story of the year goes to Jim Yardley of The New York Times for an article titled “In One Slum, Misery, Work, Politics and Hope,” published in the December 29 issue. It is a story about Dharavi, Mumbai’s most famous […]
The eclipse of the G7 by the G20 puts the spotlight more than ever on India and China as the economic superpowers of the future. So far, China has the lead, but India has a secret weapon that will carry it into first place by the end of the century. What exactly? Widely spoken English? That helps India’s service sector, but it is not decisive. Democracy? True, democracies outperform authoritarian regimes on average. It is no coincidence that 17 of the G20 are functioning democracies, but China is hanging in there as an exception to the rule. No, the real secret weapon that will carry India into the lead is demographics.