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Thursday, July 14, 2005

India - its rise doubles your competition

In another sign of a growing importance of Asia, India has entered the top ten league of the world's largest economies.

"According to the latest World Bank report, India jumped two places to number 10 in ‘04 (from number 12 in ‘03) in GDP terms. India notched up a GDP of US$692bn, is growing at over 6% annually and can be expected to move further up the rankings."

China is said to be at number 7 in the ranking, however, globally, the world actually believes it to be number 3 or 4 already and last year, reports occurred indicating that it overtook Germany in size already. I believe it is a matter of definition.

Doesn't matter, does it? What counts is that those economies open up to trade, grow dynamically, manage their economy very well, eradicate poverty along the way and give entrepreneurs the opportunity to try it out on their own.

A new company is established in China every 11 minutes.

With the growing emergence of India, consider this number as nearly doubled. Double the competition, with a similar market size. What are you going to do about it?

(By Asia Business Consulting)