Al Akhbar, P.24 (14-7-2006)
India and China…the Club of the Rich
By: Ahmed Hassan
In their annual summit, the members of the G-8 are used to coordinate their policies and discuss the most important issues, which have impacts in away or another on the world affairs. They do discuss the means through which they can steer these developments in a way serving their own interests. In their expected meeting tomorrow in Russia, the G-8 will, as usual, steal the limelight of the world media given the international weight of the member states. The question, which has been raised since long time, why the membership of this Club is restricted to these eight countries? In other words, there are other countries, which outweigh the members of the G-8 in terms of influence, progress and development.
In fact, countries, like India and China, should be given the opportunity to join this club as representatives of South countries. The two countries have achieved amazing progress in the economic, scientific and technological fields.
India, for instance, is moving steadily ahead on the path of development with rapid steps. Newsweek magazine recorded some factors, through which India could change the shape of the world:
India's GDP went over $ 800 billion in 2005. The economy has grown with an average of 8%. That is the second fastest rate in the world after China.
India achieved remarkable progress in the field of IT, as the revenues of this sector reached $ 36 billion last year with an increase of 28% compared to the year 2004.
The Indian capital market expanded and so India now has 23 billionaires, up from 13 a year ago. The combined net worth of the Indian billionaires comes to $ 99 billion with an increase of 60% compared to last year.
India's $ 1.5 billion film industry (Bollywood) is the largest in the world. India makes close to 1,000 films a year. That is about five times what Hollywood produces.
India has become a remarkable tourist destination. Tourism in India has risen about 20% over the past two years.
India has become a key exporter of experts (what is known as brain drain phenomenon), especially in IT sector.
In spite of the differences between China and India in terms of the figures of their performance, we have to highlight two important points: Firstly, India is still the largest democracy in the world. Secondly, India has commenced its economic reform process after China. While Beijing introduced key economic reforms in late 1970s, New Delhi adopted economic reforms during late 1990s. In view of the scope of freedom and economic growth rate, India has the potentials to not only to catch up with China and but also it could surpass it in the long run. Whether India succeeded in exceeding China or not, the two countries, with their economies, political weight, huge markets, nuclear weapons and membership in the space club, are qualified to join the club of the rich. So, the name of the G-8 could be changed soon into the G-10 after the inclusion of both India and China. In fact, such a step is likely to change the shape of the world and redraw the map of the world after long years of the North's monopoly of the membership of the club of the rich. This might be also the first step towards the establishment of a more balanced and fair world order.
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