'04 The Issues: Meanwhile, In India: Prosperity And Its Perils

Steel-and-glass office buildings and sprawling corporate campuses are taking shape to handle the flood of new businesses and employees. Major players like IBM, Oracle and Intel are here, as are promising start-ups. At Sony World and Bose, techies are landing lucrative service gigs. It may sound like yesterday's Silicon Valley, but it's very much the present--in the high-tech mecca of Bangalore.

Booming Bangalore represents the Indian economy in fast-forward, one that is growing at more than 8% annually, double the rate of the U.S.'s. Of course, India is still poor by comparison--average annual per capita income is a mere $480 nationally....

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