The Rise Of The Asian Tigers Essay
With the rise of the Asian Tigers, the world’s attention has shifted to the East in terms of growth prospects and economic potential. Similar to other Asian countries, India has possessed the right ingredients for this transformation. However, because of its combination of a closed economy and a democratic government, changes were slow to come. India is in a different place now; it has been growing rapidly: inflation has eased, international investors are bullish on India and the Modi administration has been making changes its priority. If it keeps up with this development consistently, within the next decade, India’s GDP could surpass that of China and finally experience double-digit growth.
India is expected to have exceptional growth in the next decade. This potential lies within many factors, including the opportunity to catch up with developed Asian nations, the rise in Indians’ purchasing power and strong government reforms.
A big part of India’s high growth prospect lies in the word “convergence.” In 2015, India’s Gross National Income per capita was $1,590, ranked 170th out of 217 countries (World Bank, 2016). Because India’s per-capita income is relatively low comparing to others at a comparable level of market development, there is a tremendous opportunity to grow and catch up. Average income in India is at a similar level as that of Sub-Saharan African countries. However, the country has companies with distinguished complexity and intellectual capacity,…