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Although we are not
publishing a printed
magazine this week, you can find our cover story
online as usual. This edition is on
"Modinomics" -- Indian
Prime Minister Narendra
Modi's plans for revving up the economy.
Many will be familiar with the three elements
that determine economic
growth: capital input,
labor input and total factor productivity, or TFP.
For India, whose population is expected to exceed
China's in the
mid-2020s, it is obvious that the
key elements for sustainable growth are
capital
and productivity. Our story points out that
deregulation and
lowering the cost of capital will
be essential for achieving Modi's goal
of
building a "$5 trillion economy."
As things stand, a long-term forecast by the
Japan Center for Economic
Research puts India
on track to surpass Japan in terms of GDP in the
2020s.
The gap between India and China, however,
is not expected to
shrink at all even in 2060.
Taking China's aging population into
consideration, this suggests productivity may
not improve much in India.
If you are interested in the rivalry between
Asia's
two emerging great
powers, Rupakjyoti Borah's
opinion piece on India's project to counter
China's
Belt and Road Initiative is highly recommended. Contributing
writer Farhan Bokhari, meanwhile,
looks at the delicate geopolitical
implications
of Kashmir in relation to three nuclear-armed
nations:
India, China and Pakistan. Bokhari
makes the case that China is backing
Pakistan
with Tibet and Xinjiang in mind. We are keeping a
close eye on
Kashmir for our readers,
considering its potential impact on
international relations.
As for weekend reading, I recommend our story
on luxury sailing in
Indonesia. I hope
you enjoy the beautiful pictures of yachts
plying the
shimmering seas under blue skies.
Shigesaburo Okumura
Editor-in-chief, Nikkei Asian Review
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