India set to emerge as the next economic superpower: CSMMay 19th, 2009 - 2:49 pm ICT by ANI
Washington, May 19 (ANI): India is set to emerge as the world’s next economic superpower, given its growing economy and stable Congress-led government.
According to an article in the Christian Science Monitor, in comparison to China, India will be better able to make international deals on critical topics such as climate change and the territorial dispute with Pakistan over Kashmir.
While accepting that growth has slowed a bit during the global economic crisis, the CSM says India is poised for the takeoff it has long deserved as the world’s largest democracy.
Its 712 million voters have just given a surprise win to a party that transformed itself from its quasi-socialist roots to bring about both high market growth and a boost to the lowliest, “slumdog” Indian.The Congress Party, along with its partners in the United Progressive Alliance, defied expectations and won enough seats in Parliament to rule with confidence for five years.
Congress Party-led reforms since 1991 have opened the economy to market forces and quadrupled the gross domestic product, enabling India to achieve 9 percent growth in recent years. These efforts were led in large part by a humble economist, Manmohan Singh, who first showed his chops as finance minister and lately as prime minister - but one without a strong mandate.
A stable, growing India is just what South Asia needs right now as smaller countries contend with political and terrorist upheavals. (ANI)
Tags: christian science monitor, climate change, congress party, economic superpower, economist, finance minister, global economic crisis, gross domestic product, international deals, kashmir, mandate, manmohan, manmohan singh, parliament, prime minister, progressive alliance, South Asia, takeoff, territorial dispute, upheavals