2013-09-06 — nytimes.com
"India is not Greece -- we never binged on debt on a grand scale," said Ajay Shah, a prominent economist at the National Institute of Public Finance and Policy in New Delhi.
The root of the problem is India's failure to create a vibrant industrial base with the strength to export. As Western buyers scour Asia for alternatives to increasingly expensive Chinese factories, India and its enfeebled manufacturing sector are mostly ignored.
Infrastructure is also a problem. Ansons is only 35 miles from the port through which it exports machinery to Europe. Yet trucks require four to seven hours to reach the port because promised expressways have never been built.
So India is like an Asian U.S., except the people actually are aware that gold can protect them personally!
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