India as Emerging Power

ndia a Global Economic Super Power
INDIA A GLOBAL ECONOMIC SUPER POWER
New parts of the world that were not long ago considered undeveloped, backwater countries, are now taking center stage in the global economy. Much has been publicized about the ascendance of China's economy, as it has become a major venue for the manufacturing of products sought after by worldwide consumers eager for cheaper goods. However, China's Asian neighbor, India, also has a vigorously growing economy. India's economy is partly being fueled by companies around the world seeking to reduce their costs by outsourcing some of their operations there.
A March 9, 2005 article in the International Herald Tribune reported that within 30 years, India is projected to have the world's third largest economy and more people than China. Russell D'Souza, International Credit & Risk Manager for Hallmark International, pointed out that India implemented modern, capitalistic economic reforms in the early 1990s that are producing positive results. The Tribune article reported that Prime Minister Manmohan Singh, who as Finance Minister championed these reforms, proposed major investments in his first budget for education, modernizing India's colonial-era infrastructure, and lowering tariffs. D'Souza also noted India has modernized its banking regulations. "India has liberalized its laws to allow foreign banks to take over branches. Local Indian private banks are allowed to set up foreign bank branches. The banking rules have been liberalized considerably."
The CIA World Factbook's website estimates that by July 2005, India's population will be slightly fewer than 1.1 billion, of nearly 16 percent of the world's population, not far behind China's, which is projected to be 1.3 billion. Market Place PRI, a business radio program, reported on March 14, 2005 that a recent economic survey predicted India would grow at 7 percent this year. However, the report went on to assert that many economic analysts say...