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1、SALILTRIPATHIyalmostanyreckoning,theIndianecon-omyisbooming.Thisyear,Indianofficialsrevisedtheirestimatedeconomicgrowthfor2006from8%to9.3%.Thisgrowthhasbeensustainedoverthepastseveralyears,effectivelydoublingIndia’sincomeBeveryeighttonineyears.Since1991,theyearIndiaremovedsomeofthemostcri
2、pplingcontrolseverimposedonbusinessactivitiesinanon-communistcountry,ithasnotonlybeenattractinglargeamountsofforeigninvestment,ithasalsobegunlur-ingbackmanyskilledIndianswhohadchosentoliveover-India’sseas.IthasalsoliftedmillionsofIndiansoutofpoverty.Suchascenarioseemedimpossibletoconceive
3、in1991,whentheIndianeconomywasontheropes,asitsforeignreservesplummetedtoalevelthatwouldcoveronlythreeweeksofimportsandthemainmarketofitsexports(theGrowthSovietUnion,andbyextension,theeasternbloc)unravelled.Forcedtomakestructuraladjustmentstoitseconomy,Indialiftedmanyrestrictionsoneconomic
4、activity,asaresultofwhichmacroeconomicindicatorshaveimprovedvastlyPath(Table1).Foreigninvestors,onceshy,havereturned.Thegrossdomesticproductgrewatacompoundedrateof9.63%annuallyduringthisperiod,andcapitalinflowsSteadybutincreaseddramatically.ThischangeisremarkablebecausesinceIndia’sindepen
5、dencein1947,ithadpursuedsemi-autar-kicpoliciesofself-sufficiencyandself-reliance,placinghur-dlesandbarriersinthepathofforeignanddomesticbusi-notStraightnesses.ForeigninvestorsshunnedIndiabecausetheywerenotwelcomethere.Restrictionskeptmultinationalfirmsoutofmanyareasofeconomicactivity,ando
6、ncein,companiesContentiousinternalpoliticaldebateswerepreventedfromincreasingtheirinvestmentsinexist-ingoperations.In1978,thegovernmentaskedcertainmulti-haveslowedIndia’smovementintothenationalstodilutetheirequityto40%ofthefloatingstockglobaleconomy,butitscommitmentortodivest.IBMandCocaCo
7、lachosetoleaveIndiarathertodemocraticprocesseswillserveitwellthancomply.Sixyearslater,amassiveexplosionataUnionCarbidechemicalplantinBhopal,whichkilledmorethaninthelongterm.2,000peoplewithinhoursofthegasleak,broughtIndia’srelationswithforeigninvestorstoitsnadir.Theb
