Crying Wolf

I was feeling pretty good about the prospects for the Indian economy, and so about the prospects for my business, where we have just hauled out all the stops for a massive expansion.

Then I read an FT column from Martin Wolf on how he could see India growing at 10% per year for a very long time (http://www.ft.com/cms/s/0/750747e0-262c-11df-aff3-00144feabdc0.html).

Remember, this is the lapsed acolyte of the 'grandeur of finance capitalism school'. If he is as right about India as he was about finance capitalism it may be time to start timing an exit. The only good thing is that any Indian growth is likely to be about making and selling real things, so if Martin runs true to form, the hangover will not be as bad.

I found his recommendation that Britain give up its pretensions and hand over its security council seat to India amusing for another reason. One of my betes noir is how developing countries are always foolishly being told to get into the garment export business. As Britain lapses it can take solace from the fact that it still makes some of the best men's clothes in the world.