I have no idea whether the journalists at the Daily Telegraph make it their business to read this blog (although they most certainly should do so, naturally) but this article nicely backed up my point the other day about the economic upsurge of India.
In my posting here, a number of commenters scoffed with disbelief that some jumped up rating agency should be so daft as to proclaim that India’s debt rating has improved, and that the country’[s economy is improving. “My dear boy, this is India!” you can hear them cry. And one commenter, bless him, even suggested that India is still far behind most of Latin America, a comment sure to provoke hollow laughs from any entrepreneural type hoping to prosper in Chavez’s Venezuela. Of course, as I said at the time, India is still moving up from a relatively low base. During the immediate post-war years, the East Asian economies in places like South Korea, Hong Kong and Taiwan powered ahead while India, influenced by those dreadful Fabians and London School of Economics types who stuffed the old colonial service, embraced socialism, planning and progressive taxes. But the fact, that cannot be denied, is that this country, with its vast, English-speaking population, relatively stable system of property rights and its admirable enthusiasm for the world’s greatest sport, is shooting the economic lights out.
There is just no pleasing some people, it seems.