Superpower

IsIndiareadyforsuperpowerstatusortoofarbehindChinatoevercatchup?InhiscareerasoneofIndia'sleadingjournalistsandentrepreneurs,RaghavBahlhasoftenfacedthisquestion,andmanyothers,frombewilderedvisitors:*WhyareIndianregulationssoweakandconfusing?*Whyisyourforeigninvestmentpolicysorestrictive?*Howcomeyourhotelsareworldclass,buttheroadsleadingtothemaresopotholed?*Whydon'tyouloweryourvoicewhenyoumakefunofyourpoliticians?*WhydoyoucontrolthepriceofoilandcableTV?Clearlythere'sahugedifferenceinhowIndiaanditsarch-rivalChinaworkontheground.ChinaisspectacularlyeffectiveinbuildinginfrastructureandisnowreinvestingalmosthalfitsGDP.Meanwhile,Indiaisstilla"promising"economy:morethanhalfitsGDPisconsumedbyitsbillion-pluspeople,yetIndiahassomeuniqueadvantages:Halfitspopulationisundertwenty-five,givingitastrongdemographicedge;350millionIndiansunderstandEnglish,makingitthelargestEnglish-speakingcountryintheworld;andit'stheworld'slargestdemocracy.Intheracetosuperpowerstatus,whoismorelikelytowin:China'shareorIndia'stortoise?Bahlarguesthatthewinnermightnotbedeterminedbywhoisinvestingmoreandgrowingfastertodaybutbysomethingmoreintangible:whohassuperiorinnovativeskillsandmoreentrepreneurialsavvy.HenotesthatChinaandIndiawerebothquicktorecoverfromthefinancialcrisis,butChina'sreboundwasaccompaniedbyhugedebtanddeflation,withweakdemand.India'sturnaroundwassturdier,withlowerdebtandmodestinflation.SoIndia'sGDPgrewtwiceasfastasChina'sforafewquarters-thefirsttimethathadhappenedinnearlythreedecades.AndincontrasttoChina'sYuan,whichispummeledforbeingartificiallyundervalued,India'srupeelargelyfloatsagainstworldcurrencies.Intheend,itmightcomedowntoonedecidingfactor:canIndiafixitsgovernancebeforeChinarepairsitspolitics?Withinsightsintothetwocountries'histories,politics,economiesandcultures,thisisawell-written,fullydocumented,comprehensiveaccountoftheracetobecomethenextglobalsuperpower.ForanyonelookingtounderstandChina,Indiaandthefutureoftheworldeconomy,thisisthebooktoread.