The Indian Giant Has Arrived

By Mohamed A. El-Erian and Michael Spence – Project Syndicate

India’s systemic importance has become apparent earlier in its growth and development process than was the case with other emerging economies, primarily because it boasts the world’s largest population (over 1.4 billion). Its growing presence is easy to detect. It is the world’s fifth-largest economy, and with an annual growth rate 5-6 percentage points above that of Germany and Japan, it could well move into third place in about four years.