India’s development is today the object of high praise by economists. With growth rates that have always been at least eight percent in recent years and a young, well-educated population, the prospects for the Indian economy are rosy. In the period since market liberalization in the early 1990s, successive governments have continued to push ahead with economic reforms and privatization. In 2004, India joined the select circle of the world’s ten largest economies. Although experts are still divided on the question of whether India or China will ultimately come out on top, one indisputable fact emerges from all the current forecasts: in the years after the current global recession we will see a neck-and-neck race as the two battle it out for global economic supremacy.

India is in good shape for this contest. In addition to having a young population that is hungry for education and prosperity, the country’s political system remains stable despite myriad social tensions. What’s more, its British-based legal system is reliable, and there is deeply rooted respect for education, entrepreneurship, and intellectual property rights. In other words, the conditions for sustained growth are outstanding.