‘India, China beat US, Europe in economic output’

[IndoCarib]

Washington: India and China— the two leading emerging economies — are experiencing roughly 10 times the economic acceleration of Industrial Revolution, a top American official has said, noting that this is resulting in tectonic shifts in global commerce.

The Assistant Secretary of Commerce for International Trade, Michael Camunez said while Europe took two centuries to double its economic output per person, US took 50 years, India and China – - each having more than a billion population – - achieved it in 16 and 12 years respectively.

“The Industrial Revolution, hatched in the mid-1700s, took two centuries to gain full force — Britain, the revolution’s birthplace, required 150 years to double its economic output per person; in US locus of the revolution’s second stage, doubling GDP per capita took more than 50 years,” Camunez said in American National Standards Institute.

“A century later, when China and India industrialized, the two nations doubled their GDP per capita in 12 and 16 years, respectively,” he said.

Moreover, Britain and US began industrialization with population of about ten million, whereas China and India began their economic takeoffs with populations of roughly one billion (each), he said.

“Thus the two leading emerging economies are experiencing roughly ten times the economic acceleration of the Industrial Revolution, on 100 times the scale — resulting in an economic force that is over 1,000 times as big,” Camunez said.

Camunez said according to a recent report of McKinsey Global Institute by 2025, the consuming class will swell to 4.2 billion people. Consumption in emerging markets will account for USD 30 trillion — nearly half of the global total.”

This is consistent with recent World Bank and IMF forecasts, which predict that about 95 percent of consumers and up to 90 percent of world GDP will take place outside the territory of the United States in the coming decades, he said.

“And this rapid growth, as you know, is not limited to the so-called BRICs — Brazil, Russia, India and China.

Indeed, six of the 10 fastest growing economies in the world are in Sub-Saharan Africa.

The fastest growing economy in Europe last year was Turkey. The fastest growing market in the EU was not Germany but Poland. And this says nothing of the Southeast Asian economies and their white hot markets,” he said.

The US official said there has been tectonic shifts in global commerce, “the rise of new and thriving economies in emerging markets around the globe, and the imperative that has created for American industry to engage more than ever in foreign trade.”

Camunez warned that by failing to work together, the US risk enabling emerging economies like China and India, with their enormous and growing internal markets, to set standards that can be imposed, by shear market share, on the industry and consumers.

“So these standards issues will remain, for some time, at the forefront of our trade policy negotiations,” he said.

‘India, China beat US, Europe in economic output’ | Firstpost

 

[Backbencher]

Good article but still a long way to go for India

 

[HappinessMark!]

congrat to both Asian tigers...

hmara hisa nikalo (MQM bhtaa)...

 

[IndoCarib]

It is indeed surprising that people who have not visited India start initiating a comparison between the US and Chinese development with that of India. The Indian cities are dirty, present foul smell everywhere, have extremely poor infrastructure, full of pot-holed roads, over 500 million extremely poor people living below the poverty line, mega slums being part of every Indian city and make-believing corrupt politicians who lie to their own people and the world at large and its security forces killing and raping its own population at will because the enacted laws support them perpetrating massive acts of human rights violation.

I think the world at large and Indians in particular need to wake to the ground realities and stop comparing themselves to world powers which are far far ahead.

you need to put a lid on your 'you know where' Burning too much with envy will stink the whole forum

Good article but still a long way to go for India

we started late, and naturally we will take long time to reach there. china started early, and they are already there. Our economy is still not fully open, whereas china's is.

 

[KRAIT]

We need to increase our industrial output and attract FDI in manufacturing sectors. We also need our private companies to reach out to other countries at faster pace and working in collaboration with their local industries.

As for other pisssters...oops posters, kindly ignore and report them for bringing Indian poverty-banned topic in this thread.

 

[Parul]

 

[Asskicker]

It is indeed surprising that people who have not visited India start initiating a comparison between the US and Chinese development with that of India. The Indian cities are dirty, present foul smell everywhere, have extremely poor infrastructure, full of pot-holed roads, over 500 million extremely poor people living below the poverty line, mega slums being part of every Indian city and make-believing corrupt politicians who lie to their own people and the world at large and its security forces killing and raping its own population at will because the enacted laws support them perpetrating massive acts of human rights violation.

I think the world at large and Indians in particular need to wake to the ground realities and stop comparing themselves to world powers which are far far ahead.

POST REPORTED for bringing ban topics like Indian poverty,and for posting irrelevant post.Hope MODs will take action.

 

[Kyusuibu Honbu]

It is indeed surprising that people who have not visited India start initiating a comparison between the US and Chinese development with that of India. The Indian cities are dirty, present foul smell everywhere, have extremely poor infrastructure, full of pot-holed roads, over 500 million extremely poor people living below the poverty line, mega slums being part of every Indian city and make-believing corrupt politicians who lie to their own people and the world at large and its security forces killing and raping its own population at will because the enacted laws support them perpetrating massive acts of human rights violation.

I think the world at large and Indians in particular need to wake to the ground realities and stop comparing themselves to world powers which are far far ahead.

Wow!

Issuing comparision eligibity certificates now?

I hope you realize how retarded your post sound.


Seriously! the whole point of a comparison is self-assessment.


For instance, Indians can take pride over the fact India puts entire South Asia on the world map with her technological achievements.

But when compared to world, Indian technological achievements are trivial.

Indians usually prefer the latter.

 

[karan21]

Lol I don't think so, India is doing a great job in industrilisation. We need to speed this thing up and make this country more safe for investors.

It is indeed surprising that people who have not visited India start initiating a comparison between the US and Chinese development with that of India. The Indian cities are dirty, present foul smell everywhere, have extremely poor infrastructure, full of pot-holed roads, over 500 million extremely poor people living below the poverty line, mega slums being part of every Indian city and make-believing corrupt politicians who lie to their own people and the world at large and its security forces killing and raping its own population at will because the enacted laws support them perpetrating massive acts of human rights violation.

I think the world at large and Indians in particular need to wake to the ground realities and stop comparing themselves to world powers which are far far ahead.

Thanks for waking up to ground reality which is the you are an immature and wont mend your habit of trolling.