NEW DELHI (Taiwan News) — Taiwan has been mentioned along with Japan and South Korea as the countries India can learn much from for their economic progress, who have achieved spectacular growth of more than nine percent annually for over the last four decades each, by an Indian-origin economist.
Prasenjit Kumar Basu, a Singapore-based writer and an economist, in his book "Asia Reborn" writes that agrarian reform combined with heavy investments in education, skills, development and infrastructure provided the underpinning for the success of the institutions of an elaborate developmental state.
"Japan, Taiwan and South Korea have achieved spectacular economic growth of more than nine per cent annually over four decades each," he writes in his yet to be published book.
A "hard state" enabled credit to be directed only to the most competitive companies who achieved export targets, and the intense competition domestically helped prepare their companies for global export leadership, he writes.
He said the book's detailed history of India and Asia highlights how the economic development models of East Asian countries can serve as a manual in India's quest to convince global businesses to "Make in India."