And in India ...
We are racing ahead ...
'The International Monetary Fund raised its 2006 economic growth forecast for India, adding the central bank may have to raise interest rates further to curb inflation caused by higher demand for goods and services.
India's $775 billion economy, Asia's fourth-biggest, will expand 8.3 percent this year, 1 percentage point higher than April's estimate, the Washington-based lender said in its World Economic Outlook today. It increased India's 2007 growth projection by 0.3 percentage point to 7.3 percent.'
'India's economy expanded 9.3 percent from a year earlier in the quarter ended March 31, rounding off the financial year with growth of 8.4 percent, the fastest after China among the world's 20 biggest economies. The government will announce economic growth performance for the quarter ended June 30 on Sept. 29.
Industrial production, almost a quarter of the economy, rose 12.4 percent in July from a year earlier, the largest increase since June 1996, as power companies almost doubled electricity output in July to keep up with demand from factories producing cars and textiles.'
Especially the industrial pick-up is one to watch I think; India can do much more than harbour services. See also Edward Hugh at India Economy Blog as well as my own post about India's rise in manufacturing.