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Notes on tech

Notes on technology, business, enterpreneurship, economy, markets along with interesting general tidbits.

India's growth issues

6/06/2006 02:13:00 PM, posted by anand

A friend sent in an excellent article in the Economist, that brings forward the problems facing India as it continues its growth:
The higher rates of growth are essential, however, if India is to find jobs for the 70m or so young people who will join the labour force in the next five years; if the 260m who live on less than $1 a day are to be lifted out of poverty; if the benefits of India's business success are to be shared by the 70% who live in the countryside; and if India, in 15 years' time, is to become something like China today, in its living standards if not in its authoritarianism.

It also suggests how to fix the issues:
First is more liberalisation, continuing the good work of the past 15 years, opening India's markets even wider to competition and reducing the role of the state in the economy. Second is the improvement of India's woeful infrastructure, the biggest bottleneck in the race for growth. Third is a change in India's labour laws, which act as a serious obstacle to labour-intensive manufacturing. Fourth is education, which is not only failing to prepare the rural poor for work off the land, but is also no longer equipping enough talented young graduates with the skills that have fuelled the services boom.

I agree with all the points, but want to strongly support point #2 - Infrastructure.
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