New
Delhi: A report in Fortune magazine has slammed
India for its bad government and inadequate infrastructure
that prevents the country from matching China's economic
growth.
The
magazine said the ills of India stemmed from slow disinvestment
of PSUs, high tax rates and lack of labour reforms that
came in the way of India attaining the same pace of growth
as China. The article is to be published in its October
31 issue.
The
article said China's economic miracle was achieved by
getting the basics right while India has blundered in
what is obviously required.
The
magazine said that though India and China had the same
per capita income in early 1990s and started economic
reforms at the same time, the "per capita income
in China is more than twice what it is in India, and China
takes in 12 times as much foreign investment."
The
problem with India, Fortune said, is "bad
government and an almost wilful disregard for the fundamentals
of developmental economics.
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