Finance, Forex and Investments

How has India's growth affected the global economy?

India's economy has grow a lot over the last few decades, and I was wondering how that has impacted upon the global economy.

Public Comments

1. We've seen a shift in various entry-level jobs from other countries to India. When you call a hot line, you almost always get someone in India; this is the best and most often-cited example. What many people don't realize is that this is not necessarily bad because this outsourcing is compensated for as we see an increase in white-collar jobs in other nations.
2. Not a great deal. More bark than bite. https://www.cia.gov/library/publications/the-world-factbook/geos/in.html Its total GDP is about 3% of the world's GDP - behind Canada and Spain http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal) India's per capita GDP is still very low, so India just isn't that good a customer for what other countries produce. (Its biggest import is oil for its internal use) It is only #22 in the world for exports. On the other hand, with a growth rate of over 7%, it can double its per capita GDP every 10 years. So if it keeps that growth rate, in a decade it will be ahead of Canada and Spain, about up to Italy. In two decades, it will be a major economic power. But there is the question of whether it can maintain that growth rate. It has major problems with low literacy and education rates; political cooperation and corruption; inadequate infrastructure investment; etc.