There is a little-noticed phenomenon in the world economy that helps explain why Mexican business tycoon Carlos Slim — the world’s richest man after Bill Gates — reportedly made a quiet visit to India last month: for the first time in recent memory, India will grow more than China this year.
According to the International Monetary Fund, India’s economy will grow by 7.5 percent this year, while China’s will expand by 6.8 percent. Many economists expect this trend to continue over the next few years.
It may be time for Latin America to start looking seriously at India, after more than a decade of growing trade dependence on China. For several countries in the region, including Brazil, China has surpassed the United States and Europe in recent years as their No. 1 trading partner.
There are several reasons why Latin American countries may pay more attention to India, as Mexico’s Slim reportedly is already doing. According to an unconfirmed report in The Economic Times of India, Slim made a semi-secret trip to India last month to explore business ventures with Indian telecommunications firms.
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Etiquetas: Andres Oppenheimer, Carlos Slim, India
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