West should pay attention to India’s woes
By A. Michael Spence, William R. Berkley Professor in Economics & Business, and Mohamad El-Erian
These are all understandable reasons for the limited attention that India is receiving. But they are not good ones given the implications.
India ranks high among nations where restoring a high rate of economic growth can make a big difference to reducing poverty. According to data from the World Bank, a third of India’s population live on less than $1.25 a day, the internationally recognised poverty line. More than two-thirds live on less than $2 a day. India is estimated to have a third of the world’s poor.
India is also an important country for anyone worried about the detrimental role of money in politics. There has been a sharp increase in the number of millionaires that serve as parliamentarians. And if you care about the orderly rebalancing of the global economy, India’s middle classes will probably play a vital role in the shift of emerging economies to more of a consumption model.
Read full article as published in the Financial Times.
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