‘Fierce competition from India,China awaits US’ | business | Hindustan Times
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‘Fierce competition from India,China awaits US’

business Updated: Dec 07, 2010 21:45 IST

As billion plus people each from India and China suddenly plugged into the world economy, US President Barack Obama has predicted a fierce competition for Americans at the international stage. He also said in the race for the future US is in danger of falling behind.

“You’ve got a billion people in India who are suddenly plugged into the world economy. You’ve got over a billion people in China who are suddenly plugged into the global economy,” Obama said at a community college in North Carolina.

“That means competition is going to be much more fierce and the winners of this competition will be the countries that have the most educated workers, a serious commitment to research and technology, and access to quality infrastructure like roads and airports and high-speed rail and high-speed Internet,” he said.

“Those are the seeds of economic growth in the 21st century,” Obama said. In a generation the US has fallen from 1st place to 9th place in the proportion of young people with college degrees, he said.

“When global firms were asked a few years back where they planned on building new research and development facilities, nearly 80% said either China or India — because those countries are focused on math and science, and they're focused on training and educating their workforce,” Obama said.