Harvard Study: India Becomes New Economic Growth Pole, Surpasses China

According to the Harvard University‘s Center for International Development  growth projections, India will feature on top of the list of the fastest growing economies until 2025 with an average annual growth of 7.7 per cent. The university-wide center works to advance the understanding of development challenges and offer viable solutions to problems of global poverty.

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Key Highlights of the  study:

  • “The economic pole of global growth has moved over the past few years from China to neighboring India, where it is likely to stay over the coming decade.”
  • “The countries that are expected to be the fastest growing – India, Turkey, Indonesia, Uganda, and Bulgaria – are diverse in all political, institutional, geographic and demographic dimensions.”
  • “India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years.”
  • “What they [the countries mentioned in the previous bullet] share is a focus on expanding the capabilities of their workforce that leaves them well positioned to diversify into new products and products of increasingly greater complexity.”
  • “India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics.”

NDTV says, that the growth projections are based on measures of each country’s economic complexity, which captures the diversity and sophistication of the productive capabilities embedded in its exports and the ease with which it could further diversify by expanding those capabilities.

 

 

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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