NEWSWEEK COVER: 'The New India'
Fareed Zakaria: 'Indian Companies Are Growing at an Extraordinary Pace'
Because of Outsourcing and Globalization; 'Those Who Want to Stop it ...
Should Remember That The United States' Prosperity Has Comes From its Very
Willingness to Open Itself Up to The World'
Newsweek Profiles Successful Indian-Americans
Who Are Moving Into New Fields
NEW YORK, Feb. 26 /PRNewswire/ -- The world -- and particularly the United States -- is courting India as it never has before. Fascinated by the new growth story, perhaps wary of Asia's Chinese superpower, searching to hedge some bets, the world has woken up to India's potential, writes Newsweek International Editor Fareed Zakaria in the current issue of Newsweek. "Over the past 15 years, India has been the second fastest-growing country in the world-after China-averaging above 6 percent growth per year. Growth accelerated to 7.5 percent last year and will probably hold at the same pace this year. Many observers believe that India could well move at this higher rate for the next decade," Zakaria writes in the March 6 cover package, "The New India" (on newsstands Monday, February 27). (Photo: http://www.newscom.com/cgi-bin/prnh/20060226/NYSU006 ) "Indian companies are growing at an extraordinary pace, posting yearly gains of 15, 20, and 25 percent," writes Zakaria. "Five years ago, the automobile-parts industry's total revenues were $4 billion. This year they will exceed $10 billion. In 2008, General Motors alone will import $1 billion of auto components from India. That's outsourcing-as it is any time an American company buys goods or services from abroad. It's also called trade or globalization or capitalism. Those who want to stop it-and it's not clear how you could do that-should remember that the United States' prosperity has come from its very willingness to open itself up to the world," writes Zakaria. "Over the last 60 years, manufacturing employment in the United States has plummeted as those industries went abroad-and yet average American incomes have risen to be the highest in the world. Over the last 20 years, as globalization has quickened, American companies have outsourced first goods then services-and American incomes have risen faster than those of any other major industrial country. Globalization highlights some problems for America, but the solutions are all at home. As they have in the past, Americans must- and can-make goods and services that people will pay for freely, not because the government forces them to by shutting out the competition. That is the only stable path to economic security." "At this point, anyone who has actually been to India will probably be puzzled," writes Zakaria. "India is home to 40 percent of the world's poor and has the world's second largest HIV population. But that is the familiar India, the India of poverty and disease. The India of the future contains all this but also something new. You can feel the change even in the midst of the slums. Many Western businessmen go to India expecting it to be the next China. But it never will be that. India's growth is messy, chaotic and largely unplanned. It is not top-down but bottom-up. It is happening not because of the government, but largely despite it ... it has vast and growing numbers of entrepreneurs who want to make money. And somehow they find a way to do it, overcoming the obstacles, bypassing the bureaucracy," Zakaria writes. "What is happening today is the birth of India as an independent society- boisterous, colorful, open, vibrant, and above all, ready for change," writes Zakaria. "India is diverging from its past, but also from most other countries in Asia. It is not a quiet, controlled, quasi-authoritarian country that is slowly opening up according to plans. It is a noisy democracy that has finally empowered its people economically. In this respect India, one of the poorest countries in the world, looks strikingly similar to the world's wealthiest country, the United States of America. In both places, society has triumphed over the state." Also as part of the cover package, Associate Editor Ramin Setoodeh profiles successful young Indian-Americans who are doing more-and less-than what's expected of them. They're moving beyond science and engineering into fields like business, journalism, literature-even acting. But what sets them apart is a strong work ethic combined with the grace of people comfortable with living among strangers. Detroit Bureau Chief Keith Naughton reports on the disappearing stigma of outsourcing jobs to India, and in a special guest essay, "My Two Lives," Pulitzer-winning writer Jhumpa Lahiri describes her experiences growing up as an Indian-American. (Read entire cover package at www.Newsweek.com. Click "Pressroom" for news releases.) Cover: http://www.msnbc.msn.com/id/11571348/site/newsweek/ Guest Essay: http://www.msnbc.msn.com/id/11569225/site/newsweek/ http://www.msnbc.msn.com/id/11571580/site/newsweek/ http://www.msnbc.msn.com/id/11571582/site/newsweek/
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