Happy New Year. India hopes this will be the year it returns to a pre-crisis growth rate of 9% -- on its way to becoming the world's fastest growing country by 2014.
But to reach this goal, the world's largest democracy will have to stave off threats of price inflation, asset bubbles and civil unrest.
It will almost certainly be a bumpy ride.
1) In the next three years, up to 25% of the world's new workers will be Indian
3) India's GDP per capita will quadruple from 2007 to 2020, according to Goldman Sachs
4) Property prices in Mumbai and Delhi have more than doubled in the past 18 months
5) India's tech capital, Bangalore, has increased its office supply by six times since 2006, and now has more Grade-A offices than Singapore
6) Half the world’s outsourced IT services come from India, amounting to a $47 billion dollar industry
7) Walmart alone outsources $1 billion in IT contracts to India
8) India is the world's second largest importer of arms and has spent $50 billion on defense purchases in the last decade
9) India grows 12 million tons of mangoes in a year, the weight equivalent to 80,000 blue whales
10) India's Cherrapnuji is the wettest places on earth, receiving 425 inches of rain every year
11) A bigger movie market than America and Canada combined, India sold 3.2 billion tickets last year
12) The average Indian is nearly 20 years younger than the average Japanese (26 vs 45)
13) In recent decades, 500,000 female births have gone missing each year due to (illegal) sex selection and abortion
14) India has 568 million more registered voters than the US -- and a better turnout rate too
15)India used to account for 33% of the world's GDP; then fell to 3%; now may rise to 25%
India led the world in GDP before the industrial revolution, when population meant productivity, and India had the largest population. Following the end of British rule, India entered a long period of economic stagnation.
The future outlook comes from Goldman Sachs, which sees India passing the U.S. economy in 2050, trailing only China.
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