Friday, September 01, 2006

The Next Industrial Giant Is...India?

So says the headline in yesterday's New York Times. An excerpt,

For decades, India had followed a route to economic development strikingly different from that of countries like Japan, South Korea or China. While its Asian rivals placed their bets on manufacturing and exports, India focused on its domestic economy and grew more slowly with an emphasis on services.

But all that is starting to change.

Read the full article; very interesting. India was and is still said to base it's economic growth on IT and other services. This article tells us that is begining to change. A very welcome development as far as my understanding goes. I believe manufacturing is important not only because of it export potential but also for strengthening the domestic economy.

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