Wednesday, October 24, 2007

India is now a $4 trillion economy: Chidambaram

Measured in terms of purchasing power parity (PPP). India now accounts for 6.3 per cent of the global economy.

India, after China, is the fastest growing economy of the world, and together with Brazil, Russia and China is the locomotive driving world growth, said Finance Minister Chidambaram.

IMO: Also, India is not - at least not yet - stuck with the vast effectively dud loans that China has had to face with the USA. As explained in an earlier blog, there are good reasons for the China/ US relationship but India has a basically democratic economy so far. Lets hope things stay that way, for all the faults that can and do arise.

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