India has been enjoying the benefits of capitalist-oriented economic reforms for over 15 years, improving the well-being of millions of people. Much of India's economic growth has been driven by serving export markets.
But there is a growing trend for Indian companies to develop new products for low income Indians, producing low-cost products that before had been too expensive for hundreds of millions of Indians. From cars that cost $2,200 to refrigerators that cost $70, many Indians can now begin to enjoy conveniences that the West has taken for granted.
Capitalism is the most revolutionary force in human history, producing incalculable benefits to the human condition. It is wonderful to see it finally coming to India after so many decades of socialism.
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