India is ready to take over the developed countries
Bangalore: India is ready to take over the developed countries and emerge as a global economic superpower by 2030, according to a survey by the London-based independent think-tank Legatum Institute.
About 53 percent of the respondents of the survey opined that Indian economy is on its growth path that could overtake superpowers like the U.S, Japan, Germany and fast-emerging China in the next twenty years, said media reports quoting the survey.
The survey took the opinion of about 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs who saw high confidence in the economy's wealth creators and 90 percent of them view India in a stronger economic position in five years. However, 20 percent of them did admit that the business in India was impacted due to the global economic crisis.
Two-thirds of the respondents gave credit to Indian entrepreneurship as they seem capable compared to entrepreneurs of other countries and 84 percent agreed that the economy is going forward in the right direction. Besides business, Indian entrepreneurs are highly motivated by the broader social impact of their work. Over 54 percent believe that the social effects of their business improve the quality of life in their communities.
According to the World Bank, India is already moving up the economic league tables as the 12th largest economy across the globe. Also, it ranks in 45th position in the internationally respected 2009 Legatum Prosperity Index that holds social and political data to provide a wider measure of national success.
On the other hand, 50 percent respondents pointed out that corruption is a serious problem and 40% say they were pressurized to pay bribe. Indian economy's growth is also affected by the lack of access to finance and unpunctual government bureaucracy.
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