Say hello to the world’s next miracle economy: India. The nation has what it takes to push past China as the region’s economic powerhouse, according to its former central bank governor.
India’s young workforce gives it an advantage over aging China and its democratic political system will save it the upheaval that probably awaits its larger rival, Duvvuri Subbarao said in an interview at a Credit Suisse conference in Hong Kong.
When Subbarao’s term ended in September 2013, India’s currency was at a record low, growth was slowing and investors were fleeing. The election of the nation’s most stable government in 30 years, improving public finances and easing inflation as oil prices fall has set the stage for an economic lift-off, he said.
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