It is really interesting news. Chinese economy is growing at a faster pace than Indian economy but India is going to have more billionaires than China by 2006. Hindustan Times reported:
“This year there were 15 billionaires in China but last year in India, we had 20 billionaires," Contributing Editor of Forbes Justin Doebele said on the sidelines of the release of the Forbes' 2006 China Rich List.
"So there are more billionaires in India than in China," he said without divulging the details of the India Rich List which will be published later this month.”
The main reason behind this is the fact that private companies are contributing mostly behind Indian growth while in China, the government still controls the economy. On the other hand, Indian economic growth is not touching most of the people in the country. Indian economic growth is not generating enough jobs and some observers like to call it as ‘jobless growth’. So, there is hardly any room for celebration.
I will be very happy if someday we can see that India has fewer poor people than China.
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