Vinod2070
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What did it for us, was three whole decades of sustained average 10% growth. Which has never been done before in world history, we were the first ones to do it.
It's never been done before, China is the only one. There is no trend to show that anyone else can replicate our feat, but I am open to results if they come.
India's growth right now is around 4%. If the day every comes when you achieve sustained average 10% growth, then maybe you can start counting the beginning of your three decades.
Now our economy is $9.3 trillion. With such a large base economy, even with lower growth rates, we are still adding over $1 trillion to our GDP every single year. And we still double our economy every 5 years or so.
Now calculate what growth rate does India need (at $1.7 trillion) to add $1 trillion to your GDP every year like we are doing now. India has a much smaller base economy, thus in order to match our growth, you need a much higher percentage growth rate than we do.
While this may be right, Japan and Korea too had sustained high growth rates and became developed countries (with much higher per capita income than China today) within a matter of decades, starting from completely ravaged economies.
What we are able to achieve lies in the future. We may yet slip or we may be in the top 2-3 economies in the next 2 decades.
Read the book "Why Nations Fail: The Origins of Power, Prosperity and Poverty" if you get some time. Quite an interesting book and discusses some of the aspects that determine the long term sustainability of economic growth for nations. It also talks about why "extractive institutions" place a limit on growth. China almost defies so many principles outlines there.
China's achievement remain impressive and at least to outsiders its single minded focus on increasing national power in all spheres is quite amazing.