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Sizzling Economy Revitalizes India
For young urban Indians, there seems to be no better way to celebrate Gandhi's birthday than going to the mall. The Indian middle class is spending money like never before – and now they have a lot more to spend. This year's visible economic confidence is partly a result of the political decision in the early 1990s to open up the Indian economy to increased foreign trade and investment. But a stellar monsoon season and good crop forecasts have also boosted economic growth forecasts and given extra income and credit to the country's massive rural population.. Foreign and Indian manufacturers alike are looking to India as the newest market for goods such as televisions, cell phones, and cars. Thus consumption and production alike are booming. With no end in sight to India's growth, a new question emerges: can India be the 'turtle' to China's 'hare' and finally surpass its old rival? – YaleGlobal