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India is perfect for global economic growth in general. India has a massive population that has massive consumer needs. However, they cannot produce everything
by nine_zeros 6y ago
India is perfect for global economic growth in general. India has a massive population that has massive consumer needs.
However, they cannot produce everything all by themselves. Partly because of mineral resources, partly because of education and partly because of land crunch.
Which means, when they industrialize more, they need to import more.
Which aids growth of countries exporting to India.
USA used to play that role until recently but cannot take it anymore for various political and non-political reasons. If anything, most of the developed world should be very happy that India is developing the way it is because it aids their own industries.
African countries will get there some day as well, but they would do much much better by having a unified bloc like EU.
- pankajdoharey 6y agoWhat more can i say i am from India, and I can tell you a number of Indian Industries have closed down because the rate at which we procure raw materials, Chinese can produce a finished product at that price. Almost a decade ago we had a flourishing Lock Industry, but when Chinese lock manufacturers entered the Indian market our manufacturers couldn't compete. Chinese could produce locks at a price for which we couldn't even produce steel. In a matter of years most lock manufacturers closed down. Now most distributors just import locks from China. Indian steel manufacturers started producing high grade steel for special applications to survive in the market. Because it was clear we cannot compete with china at volume pricing for low grade steel.
- ejanus 6y agoAre you sure that Chinese government didn't subsidize their companies?
- pankajdoharey 6y agoCould be I have no way of knowing that.