Business Today ⁽¹⁾

Efficiency brought in by an open economy, top class entrepreneurs, high savings rate and young population will collectively deliver 8-9 per cent growth over the next decade. Read full article In the next 10 years, India will be the third-largest contributor to the world GDP growth, according to an Economist Intelligence Unit projection. Making the realistic assumption of 2 per cent annual growth, the world GDP will increase from approximately $61 trillion in 2008 to $76 trillion by 2020 in 2008 dollars. A conservative guess is that India and China together will grow 8 per cent per year in real dollars over this period (despite the major crisis recently, each is already back to growing this rate), which will raise their combined GDP share in the global economy from 9.5 per cent in 2008 to nearly 18 per cent. Shares of the United States and Japan (23.7 and 8.1 per cent, respectively, in 2008) will decline. The coming decade is, therefore, going to be pivotal in terms of a shift in the centre of gravity of the world economy to…