Today, Britain is completely irrelevant for the world economy. It contributes less than 4% of the global GDP and is a very small manufacturer. What is relevant for the world are growth rates in China and India. A number of analysts fail to understand that if India gets its act together, then it could have a growth rate of maybe 5% per annum....we need that consistently.
A consistent growth rate of 5% is an incredibly high rate. We don't have any growth in Europe and Japan. If we were to measure the GDP correctly in the US, there would be no growth. And we are talking about a demographically attractive population. What India needs is liberalization of businesses and the reduction in government intervention. That apart, a number of things have to come into place. But, there is hope.
