India revised the economic growth rate for the year ended March 31, 2006, to 9 percent, the fastest pace on record, the government said.
The pace was faster than the 8.4 percent forecast earlier because of greater expansion in agriculture and manufacturing, the government said in a statement in New Delhi today.
``It augurs well for the gross domestic product for 2006- 2007,'' Finance Minister Palaniappan Chidambaram said in New Delhi today. ``Although, I must caution that since the base has now increased, we will have to wait and see how it reflects statistically on the growth in 2006-2007.'
This is really important news. For all the talk of China's growth, the emerging growth story for the next few years is likely to be India.
Food for thought.
5 comments:
Excellent news for the EU. The impact on the US may be mostly in terms of the continued strength on the demand side of the oil market even if the US slides into an unsynchronized recession.
I was in India for a month last fall, and for an entire summer a few years ago. The changes in just that short a time are striking. Important regional cities like Lucknow are seeing massive building booms: new multistory air-conditioned shopping malls, new homes, office buildings. What I saw tended to be on the outskirts of town, so the old core is the same as it was. But, from what I could see, most of the growth is occuring in the southern half of the country, and even there hasn't reached into the countryside.
While at my friends' home in the north, I browsed their collection of architectural magazines. The ads for western-style appliances, tile systems, shower/bath ensembles, etc., seemed to be on every other page. Some of these were from companies familiar to us in the US -- Kohler, for example. If we're smart, our remaining manufacturing companies will diversify into the Indian market, provided Manmohan Singh's government can change the laws on the importation of foreign goods. I don't know if that will happen. While these numbers bode well for India as a whole, there are still huge numbers of what we would call working poor in the country, and the government is not likely to want to do anything that adversely affects their growing manufacturing base -- and its labor market. The poor and illiterate vote in India at every chance they get, and politicians and policymakers are keenly aware of that fact.
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