Real estate markets in India, China and America exhibit different characteristics. Yet, they have gone through the same, globally spread credit crunch. This commentary compares the scenarios in the three nations.
Conceptually, replacement of Dollar does not necessarily imply creation of a new currency. However, if the dominance of Dollar can be questioned, which other existing currency are we talking about? Perhaps, if the Dollar will be replaced at all; it will be by a brand new currency. But is it really going to happen?
Speech by Mr Jairam Ramesh Minister of State for Commerce and Power Government of India
Briefing Theater I, Office Tower Block Asian Development Bank, Manila 24 November 2008
Invited Lecture delivered at the Asian Development Bank, Manila November 24th, 2008. Views do not necessarily reflect the views of Government of India. Comments of Shivshankar Menon, T.S. Tirumurthi and Srinivas Madhur on an earlier draft and inputs from Nagesh Kumar are gratefully acknowledged.
The centerpiece of the 2007 Report by Goldman Sachs is the prediction of India’s phenomenal economic growth and power in the next few decades. In this article we critique the conceptual validity of that prognosis. In particular, we highlight several hard and so infrastructure impediments to India’s emergence as a major economic power.