'India will soon outpace China's economy'

Posted By: Nitsi
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Washington, Oct 5: Despite poor image publicised at the Commonweallth Games, India is one the fastest growing economy and "much-derided democracy" that will soon outpace China, says The Economist.

The surprising India's economy is largely based on private sector with its strong foundation. It is said that the economy is expected to expand by 8.5 percent in 2010.

The Economist said though Chinese economy is four times larger than India but the rapid growth of Indian economy could overtake China by 2013.

The reasons behind this is demography, where China has opted for one-china policy and their workforce will shortly start ageing in few years time.

The second reason for optimism is India's much-derided democracy, said The Economist noting, "Indian capitalism is driven by millions of entrepreneurs all furiously doing their own thing.

"Since the early 1990s, when India dismantled the "licence raj" and opened up to foreign trade, Indian business has boomed," he added.

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