THE NEW ECONOMIC WORLD ORDER (PART III: INDIA); India rapidly re-emerging as a global economic power

The Asian century has arrived. Just as China is now the world's manufacturing centre, India is fast becoming the main provider of its office services. India's GDP was $800 billion in 2005 and has grown 8.1% a year since 2003 (a rate second only to China's) and 6% a year since 1991.

With a population of 1.1 billion, India is the world's fourth largest economy and, since 1986, the country's middle class has quadrupled to about 250 million people. Per capita income has increased from US$1,178 to $3,051 since 1980.

Indian companies dominate the world market in offshore information technology (IT) services with a two-thirds share, and hold about 50% of the market for business …