100 sats \ 2 replies \ @Undisciplined 24 Sep \ on: Why is the world so bullish on India's economy? econ
"Developed" vs "Developing" are vague moving standards in development economics. The US and other western nations have developed considerable more since these terms came into use. It seems like they basically just mean a western standard of living vs significantly less than that.
With how the terms are used, India is probably very far from becoming a developed nation. However, India could certainly reach the level of prosperity enjoyed by western nations at the time they were first considered "developed".
Additionally, I expect to see particular cities reach a "developed" level at some point. Most likely that will be major ports of trade.
I agree.
How much do you think it will take India to reach the level of prosperity western Nations enjoy currently?
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For India as a whole, I'd say several generations.
However, somewhere like Goa will get there much faster. A quick search turned up that Goa needs to roughly 4x it's prosperity to reach the low end of a modern western nation.
At 12% growth (not sure how feasible that is, but it doesn't seem insane), GDP doubles every 6 years and 4x is two doublings, so in 12 years Goa might be a recognizably modern economy.
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