A New World Economy in India
It may seem hard to believe, but as India and China’s economies evolve and the world begins to depend more heavily on their products, we could see a shift of power to the East according to a special in Business Week. In India, Bangalore is shaping up to become the new Silicon Valley, with companies like Google and Cisco Systems setting up shop there to get a piece of the Indian market. India produces high-quality goods at low prices, from $50 airfare to $2,200 cars, causing some to say India is building the next generation of the service industry.
But India has its work cut out for it - 200 million people still live on a dollar a day, and the sights of extreme poverty surround Bangalore’s skyrise office towers. India’s economy must keep growing to accommodate the tens of millions of people who enter the workforce annually - and a slow in growth could be devasating to employment. But as power shifts and economies evolve, India is slated to have 1.6 billion residents by 2050 - 220 million more workers than China - and the world may be surprised at how far India goes.
