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To: LPS5 who wrote (1954)	6/28/2005 1:24:17 PM
From: TimF	Respond to of 2534

I think things are getting better in this area in India. The article seems to support this "It is indeed true that until the 80s the businessmen in India were mostly crooks and spineless...". But better doesn't mean the job is finished. Hopefully India will continue on its liberalizing trend. The changes already made are probably the main reason why India has had better growth since 1980 than before. "India Economy Growth :The rate of growth improved in the 1980s. From FY 1980 to FY 1989, the economy grew at an annual rate of 5.5 percent, or 3.3 percent on a per capita basis. Industry grew at an annual rate of 6.6 percent and agriculture at a rate of 3.6 percent." indianchild.com and then more recently India's economy 'to grow by 8%' India's economy is expected to grow by over 8% in 2003/04, boosted by a rebound in the country's farming sector, officials have said news.bbc.co.uk Some people put India's economic growth down because it has been slower than China's but its been moderate to high for awhile, and 8% strikes me as very high. The two largest countries in the world are now growing at a very good clip, while the largest economy in the world (America's) is doing ok. Some people tend to look at certain negative trends (like US budget and trade deficits) and project them out to disaster, but I don't think the world's economy is in very bad shape considering the above facts, and I think the disaster scenarios (or even the more moderate negative scenarios of things like "years of stagnation", "stagflation", or "decades of slower growth", don't seem particularly likely to me. One interesting article about India can be found at j-bradford-delong.net This graph shows the change rather clearly j-bradford-delong.net