Sitting here watching the Opening Ceremoney in Beijing, I'm reminded that many Indian politicians have said to me (shamelessly) that the reason China is ahead of India is that China got a 12 year head start. I can't help but muse whether, 12 years hence, Bollywood will be producing even a greater epic than Chollywood tonight, in Hyderabad or Calcutta, or Delhi, or Mumbai, or Chennai, or even Bangalore.
Since the Olympics rotates among Asia, Europe, and the Americas, the next chance for India will be 2020. If India misses that opportunity, the next chance will not be until 2032, nearly a quarter century from now! I wonder if I will live to see that! I'll do my best, but I'll be much happier if the date is 2020.
At this point of time I have to admit that I am doubtful we'll see it in 2020; and even 2032 seems questionable. India hasn't understood the need to jump start its economy like the Chinese have.
The Chinese brought in US$72 billion in FDI in 2006. India brought in US$72 billion in the 16 years between 1991 and 2006. The USA brought into the USA $99 billion in 2006; the UK brought into the UK $165 billion in 2006. The only thing that is holding India back is the wrongheaded policies, which do not welcome investment from anywhere. Indians can buy a house in the USA by going on the Internet, without ever visiting. No one asks for your passport. We welcome your money, because, unless you buy from another foreign owner, your money comes into the USA economy and stays here, improving our standard of living. I, on the other hand, am still not welcome as a real estate purchaser in India, even though my activities have created 25,000 jobs in India. How should I feel about that?!
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