India joins Miracle Economies group
India is all set to join the 13-member group of ‘miracle economies’ that have recorded higher growth in a short span of time, says a UK-based think tank. In addition to India, Vietnam will also be joining the club of these fast-growing economies, which among others include Japan, Singapore and South Korea, the Commission on Growth and Development said.
The other members of the miracle economies include Botswana, Brazil, China, Hong Kong (China), Indonesia, Malaysia, Malta, Oman, Taiwan (China) and Thailand, the Commission, which is sponsored by World Bank and governments of Australia, the Netherlands and the UK, said.
Indian growth story has characteristics as the mircale economies, the report said. The miracle economies, it added, shared common characteristics as they are all engaged with the global economy, had high rates of saving and investment, and credible and capable governments.
It said India’s multi-party democracy has grown remarkably due to a pragmatic and impartial growth strategy and also the role of government has shifted from dismantling the excesses of the license raj to putting in more endeavours for improving the public infrastructure.
The Commission is headed by Nobel laureate Michael Spence.