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India enters a deciding decade

July 27, 2010 - 00:00 GMT

KEYWORDS: India , Asia , refractories , bauxite , graphite , magnesite , white minerals , talc , wollastonite

After designing a symbol for the rupee, India has joined the ranks of only a handful of countries with a currency icon. This is in preparation for the ten years in which, the country believes, it will become an economic superpower. The mining industry, including refractory and white minerals, is central to this plan

Contrary to most, India has witnessed robust growth during the last few years with its GDP projected to increase to 8.75% in 2010, a figure which is the envy of developed countries.

In comparison, world growth is expected to be 4.1% in 2010 according to the International Monetary Fund (IMF), while the USA would reach 3% and the Euro zone would struggle at just 0.8%.

Only China is supposed to grow faster with a GDP projected at 10% for 2010.

During the last decade, India has slowly but steadily approached the circle of the world’s leading economies. Without breaking into it, it has still become Asia’s third largest economy.

India, a domestically-orientated economy, had a “good crisis” according to London’s Financial Times as only 15% of India’s GDP depends on exports, contrary to export-orientated countries such as the USA or Japan which flirt...

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