India's Future Growth

Based on our economic health index, we project that India's real growth rate over the next 10 years will be in the vicinity of 7.1% to 9.2%. This growth rate is well above the global average, ranked 1 out of 20 major economies, and 1 out of 9 emerging countries. As a reminder, this estimate (and this writing) is based on our computergenerated analysis of the statistics detailed in Part 1, and doesn't account for exogenous shocks (like commodity or political shocks, or wars). In India's case, our growth estimate comes from combining our expectation of a 5.8% growth rate per worker, which is well above the global average, and a labor force growth rate of 1.3%, which is well above other major economies. The growth in output per worker is driven significantly by productivity and indebtedness. Over the long-term productivity matters most, while swings in indebtedness tend to be an important driver in the short-term. Given we are looking at a 10 year time frame, we weigh our productivity measures about two thirds and our indebtedness measure about one third (though there is no precision here). Over the next 10 years, we expect India's productivity to be much better than most major countries (implying a growth rate of 9.4% on its own), and indebtedness conditions to be better than other countries (implying a growth rate of 5.2% on its own). As shown below, India's biggest relative strengths are the value its workers provide relative to education levels and its levels of investment, and its biggest relative problems are its level of bureaucracy and its reliance on credit flows for growth (though compared to other countries it doesn't rate especially poorly on these measures). The various gauges and weights are shown below. The individual indicators that are behind them are explained in Part 1 of this section, and listed in the appendix of this section. Please review this table to understand our comments.

根据我们的经济健康指数，我们预计印度未来10年的实际增长率将在7.1％至9.2％附近。这一增长率远高于全球平均水平，在20个主要经济体中排名第1，9个新兴国家中有1个。作为提醒，这个估计（和这篇文章）是基于我们对第1部分详细统计资料的电子分析，而不考虑外部冲击（如商品或政治冲击或战争）。在印度的情况下，我们的增长预期来自于我们对每位工人的增长率为5.8％的预期，远高于全球平均水平，劳动力增长率为1.3％，远高于其他主要经济体。每个工人的产出增长主要受生产力和负债的驱动。在长期生产力方面，大多数情况下，负债波动往往是短期的重要驱动力。鉴于我们正在研究10年的时间范围，我们将生产力措施称为三分之二，而我们的债务衡量约三分之一（尽管这里没有精确度）。在接下来的十年中，我们预计印度的生产力要比大多数主要国家好得多（意味着自己的增长率为9.4％），债务状况要好于其他国家（意味着其增长率为5.2％拥有）。如下图所示，印度最大的相对优势是其工人提供的教育水平和投资水平，其最大的相对问题是其官僚主义水平和信贷流动对增长的依赖（尽管与其他国家相比，对这些措施的评价特别差）。各种规格和重量如下所示。其背后的各个指标在本节的第1部分进行了说明，并在本节的附录中列出。请查看此表以了解我们的意见。

More detail 更多细节

Productivity 生产力

I. Value: What You Pay Versus What You Get 分数显示为与国家和时间的平均观测值的标准偏差数。

A country's productivity and competitiveness is mostly a function of the relative value it offers, especially for its labor. As shorthand for this, we refer to our gauge of this relative value as "what you pay versus what you get"; it reflects a) the cost and value of employees and b) the levels of investment. Countries that have well-educated workers that are relatively inexpensive and that have higher investment rates grow faster than those that don't.

一个国家的生产率和竞争力主要是其所提供的相对价值，特别是劳动力的一个功能。作为这方面的简写，我们将这个相对价值的衡量指标称为“你所付出的与你所得到的”;它反映了a）员工的成本和价值，以及b）投资水平。拥有受过良好教育的工人比较便宜，投资率高的国家比没有受过良好教育的工人要快。

India offers much better than average value, ranked 1 among the countries we measure. Its workers are very inexpensive, even taking into consideration India's low levels of education and very poor quality of education. Further, people in India work very hard relative to the cost of their labor - the average male of working age works 37 hours per week (2 out of 20 countries), and the demographics of the workforce are very favorable. Levels of saving and investing are high given India's very low per capita income levels, with investment at about 14% of GDP (15 out of 20 countries).

印度比平均值好得多，在我们衡量的国家中排名第一。它的工作人员非常便宜，甚至考虑到印度的教育水平低，教育质量差。此外，印度的人们相对于劳动成本而言工作非常努力 - 平均工作年龄男性每周工作37小时（20个国家中有2个），而且劳动力人口数量非常有利。印度的人均收入水平很低，储蓄和投资水平很高，投资约占国内生产总值的14％（20个国家中有15个）。

II.　Culture 文化

Just looking solely at the relative value of a country's workers misses the role that the culture plays in determining how much a country will grow. As I've discussed, culture influences the decisions people make about factors like savings rates or how many hours they work each week, which we measure in the previously shown indicators, but culture can also influence work attitudes, levels of efficiency, reliability and other such influences on whether countries underperform or outperform.

仅仅看一个国家工人的相对价值，就忽略了文化在确定一个国家将有多大增长的作用。正如我所讨论的，文化影响人们对储蓄率或每周工作几个小时的决策，这在我们以前显示的指标中是衡量的，但文化也可以影响工作态度，效率水平，可靠性等对国家是否表现不佳或跑赢的影响。

India's culture looks to be a support to growth in coming years because it is ranked 2 out of 20 countries in this culture gauge. Note that our culture measures compare India to countries of similar levels of economic development. Starting with self-sufficiency, India is rated pretty well on this measure, weighing that its workers have a somewhat strong work ethic, its level of government support is neutral (with government outlays at 27% of GDP), and its labor markets are very flexible. India also seems to value achieving a bit more than savoring -again, its work ethic is somewhat strong, and surveys suggest that its people value accomplishment and achievement. Furthermore, innovation and commercialism are somewhat strong in India relative to income. We see the country investing heavily in research and innovation, and its outputs from innovation, including inventions and earnings, are high. Finally, according to the international measures we are using, India has average levels of bureaucracy and red tape, very low corruption, and somewhat strong rule of law relative to its income.

印度的文化看起来是对未来几年增长的支持，因为它在这个文化规模中排在20个国家中的2个。请注意，我们的文化措施将印度与经济发展水平相似的国家进行比较。从自给自足开始，印度在这一措施上的表现相当不错，称其工人的工作态度有些强烈，其政府支持水平是中立的（政府支出占国内生产总值的27％），劳动力市场非常灵活。印度的价值观似乎还远远不止于品味，其工作伦理态度有些强烈，调查显示，人们的价值取向和成就。此外，印度的创新和商业主义在收入方面有些强劲。我们看到国家在研究和创新方面进行大量投资，其创新成果，包括发明和收益都很高。最后，根据我们正在使用的国际措施，印度的官僚主义和繁重的平均水平，腐败率很低，相对于其收入来说，有一些强大的法治。

Indebtedness 债务

Think of debt growth that is faster than income growth as being like air in a scuba bottle-there is a limited amount of it that you can use to get an extra boost, but you can't live on it forever. When you are taking it out, you can spend more than is sustainable, but when debts can no longer be raised relative to incomes and the time for paying back comes, the process works in reverse. You can get a picture of where countries stand in the long-term debt cycle and the likelihood of debt being a support or detriment to future growth by assessing the past reliance on debt to support incomes and the attractiveness of taking on new debt.

认为债务增长速度比收入增长速度快，就像像潜水艇一样，空气有限，你可以用来增加额外的收益，但是你永远不会生活在这个水平上。当你把它拿出来的时候，你可以花费更多的可持续性，但是当债务不能相对于收入和偿还时间再提高时，这个过程是相反的。您可以通过评估过去依赖债务来支持收入和承担新债务的吸引力，了解各国在长期债务周期中的地位和债务是否支持未来增长的可能性。

The other major piece of our economic health index looks at the likelihood of debt being a support or detriment to future growth. India's indebtedness position is better than other countries, ranked 1 out of the 20 countries we look at. The country has a moderate amount of room to lever up in the future, with a total debt burden of around 135% of GDP, compared to the global average of 200-250%. In the past few years, its growth was neither supported nor depressed by credit creation, which is neutral for growth going forward. Lastly, the stance of monetary policy is generally a bit stimulative.

我们的经济健康指数的另一个重要部分是看债务是支持或有害于未来增长的可能性。印度的债务状况比其他国家好，在我们看的20个国家中排名第一。该国未来有足够的空间，总债务负担约占国内生产总值的135％，而全球平均水平为200-250％。近几年来，信贷创新的增长既不支撑，也不是压力，对于未来的增长是中立的。最后，货币政策的态度一般有点刺激。