India Won't Stop Growing

Nations around the world are reporting recessions the likes of which have not been seen in decades, but India's fast-developing economy has shown little signs of slowing down. The country recently reported economic growth of 5.3% for the fourth quarter of last year, a stark contrast to annualized declines of 6.2% in the U.S. and 12.7% in Japan, and Indian officials are setting goals of 7% growth for this year. The local press has taken special pride in its financial sector's surprise robustness thus far -- the market cap for the State Bank of India recently surpassed Citigrup. Some economists are warning that the good times may not last, however, as India's strong outsourcing and information technology industries could suffer from depressed global demand. The government isn't waiting for things to sour before taking action, however, enacting tax cuts and stimulus spending to keep the economy moving.