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The Indian Century is a term used to describe the growing power of India in the 21st century. It has been claimed that various trends will make 21st an Asian Century.
India
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Newsweek, and the International Herald Tribune join several academics in discussing India's potential of becoming a superpower. With 9.4% GDP growth in 2007, Goldman Sachs predicts that as 700 million Indians are expected to move to cities by 2050, the Indian economy may surpass the United States's (in US$) by 2043.
"India has moved onto a much faster growth trajectory than the bank had previously expected, fueled by strong and steady productivity gains in its legions of new factories, which are producing everything from brassieres to cars."
India's strength lies in its demographics; More than 50% of India's population is under 25. Dr Narendra Jadhav, a principal advisor to the RBI and a former advisor to the executive director at the IMF, says "India has a great potential to become an economic super power because of its growing young population." A young population coupled with the second largest English-speaking population in the world could give India with a great advandage.
Founder and President of the Economic Strategy Institute and former counselor to the Secretary of Commerce in the Reagan Administration Clyde V. Prestowitz Jr. has embraced the notion being put forth that
"It is going to be India's century. India is going to be the biggest economy in the world. It is going to be the biggest superpower of the 21st century".
India rising to superpower status is not inevitable, according to scholars such as Professor Pranab Bardhan, Chief Editor of the Journal of Development Economics, who suggest that millions mired in poverty and ineffective government prevent China or India from rivaling the U.S. or the E.U. any time soon.
References
- India Rising, Newsweek, Accessed March 11, 2007
- India welcomed as new sort of superpower, IHT, Accessed March 11, 2007
- India: Emerging as Eastern or Western Power?, YaleGlobal, Accessed March 11, 2007
- At 9.4%, GDP growth second fastest-ever
- ^ http://www.iht.com/articles/2007/01/24/business/rupee.php
- Advantage India: Growing young population
- , The Rise of India, ABC News
- , Rediff India, Published March 29, 2006
- China, India Superpower? Not so Fast!, YaleGlobal, Accessed March 11, 2007