javaman
BANNED
- Joined
- Jun 22, 2010
- Messages
- 371
- Reaction score
- 0
Where do you get that the world is watching India as a future super power? Any source that the world is anticipating india as a future super power and if that is the case, US would need to regard India as a potential challenger... Should US be concerned???
India May be the Economic Superpower in 20 Years
Contributed
The Legatum Institute, a globally-focused, independent, non-partisan organization, has concluded in a report that India's economy is growing very fast and that the country can hope to be the economic superpower by 2030.
The report shows how entrepreneurs in India view the economy, what they rate as important factors affecting its future growth, and how they assess their own business prospects.
The findings of the survey reflect optimism with a majority of India's entrepreneurs being bullish about the country's future.
The levels of confidence among India's senior managers, entrepreneurs and aspiring entrepreneurs -- the country's wealth-creators -- are very high. Nearly 84% believe that India is headed in the right direction, and 9 out of 10 say they expected India to be in a stronger economic position as early as the next five years.
The two most important factors affecting India's future growth, the survey shows, are making the government more business-friendly and cleaning up corruption.
Family is the main source of the entrepreneurial spirit and start-up funds in an economy where entrepreneurs swear by jugaad,' the Hindi word meaning ingenuity, often used to bypass stifling rules and corrupt practices.
Two-thirds of the respondents believe Indians are more entrepreneurial than other nations, including their future superpower rivals, China.
More than half the respondents (53 per cent) are tipping themselves to create the world's biggest economy within 20 years. India is now on course to outstrip developed nations such as the USA, Japan, Germany and the fast-emerging economic giant, China, over the next two decades.
What comes through most strongly from the Legatum survey is that India's entrepreneurs believe that the country rewards hard work and that people can advance by working hard in India. This is undoubtedly good news. India has traditionally not been a good place for social mobility; the caste system is the worst example of how people were trapped in the circumstances of birth rather than rewarded for enterprise and hard work. But that is fast changing.
The survey concludes:
Entrepreneurs in India represent the vitality, optimism, and purpose of the Indian economy as a whole. The report found evidence to what many know or sense about India's economic future - namely that it is energetic, growing impressively, and creating positive effects beyond immediate economic benefits.
There are threats to India's growth and sustainability: bureaucracy and corruption require too much energy circumventing problems rather than on productive activity. Future iterations of the survey will allow India's business leaders, policy- makers, and thought leaders to track trends and understand how changes in the larger economy are affecting India's entrepreneurial population.
India May be the Economic Superpower in 20 Years
