Well I’m glad to see that I’m not the only person around who believes in India. There’s Fareed Zakaria for one:
Even the here and now is impressive. Indian companies are growing at an extraordinary pace, posting yearly gains of 15, 20 and 25 percent. The Tata group, the country’s largest business house, is a far-flung conglomerate that makes everything from cars and steel to software and consulting systems. In this sense, it is a useful window on India’s industrial and postindustrial economy. Its revenues grew last year from $17 billion to $24 billion and it is heading for extremely strong growth this year. At another end of the scale, the automobile-parts business is made up of hundreds of small companies. Five years ago the industry’s total revenues were $4 billion. This year they will exceed $10 billion. In 2008, General Motors alone will import $1 billion of auto components from India.
I think self-belief is one of the most important steps to success. India is too wracked by self-doubt. Ronaldinho Gaúcho didn’t get to be the world’s number one footballer because he thought there was another better player somewhere else!
Incidentally I was also struck by this comment from Ruchir Sharma:
Logically, the power sector would be an urgent target for reform. Well, not in India. There is little political willpower to crack down on power theft, and politicians still think doling out free power to farmers is a vote winner.
Well quite. But let me let you in on a little secret. India isn’t the only continental scale country where this reluctance to grasp the nettle of reform is a vote winner for politicians (and here).