Quite possibly, if China did not exist, we would today be talking about the Indian miracle.
India’s growth prospects are enhanced by the existence of a more market-oriented financial system than that of China, by a more flexible and well-managed exchange rate system, by a more marketoriented monetary policy, by the existence of a legal framework that is more developed and more predictable than that of China, and by a stable democratic political system that enables the country to deal with social tensions within its political framework.