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This country with nearly 1 billion people has long shed what was mockingly called "the Hindu growth rate"--1 to 2% a year--and now regularly turns in a 6 or 7% annual growth in GNP every year, and could reach, if it found itself with a government that accelerates the pace of liberalization, a comfortable cruising speed of 8 to 9%, without the instability that plagues its competitors in east Asia and without the lack of political and judicial transparency that is China's main handicap.
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