인도·남아시아

The steady rates of economic growth in recent years have made India a much larger economy, which has the potential to be the next growth engine of the world after China. After surpassing the United Kingdom (UK) in gross domestic product (GDP) size, India will also soon surpass Japan to become the fourth-largest economy in the world. Even the rates of economic growth in India have often been higher than those of China, which is experiencing some slowdown since the COVID-19 pandemic and the rivalry with the United States (US). A contrast has also been made between China’s manufacturing-led growth and India’s service-led growth (Winters and Yusuf 2007). India’s case is unusual because the increase in the share of the service sector is matched by the decrease in agriculture, with the share of manufacturing being nearly flat. India has been observed to have shown a unique path of leapfrogging, that is, bypassing manufacturing but jumping into information technology (IT) services (Lee 2013; Lee et al 2014).