The comments assume significance in the wake of a
China-led slowdown hurting the markets worldwide in the recent days,
which has led to calls in India for taking this crisis situation as an
'opportunity' as the global economy may need alternative growth engines.
Asked whether India can replace China as a new growth engine, Rajan said, "India is one-fourth to one-fifth of China's size. Even if we can overtake China in terms of growth rates, the magnitude of the effect will be far smaller for a long time to come."
As per the latest data available with the World Bank, GDP of the US is over USD 17 trillion. This compares with China at over USD 10 trillion and India USD 2 trillion. http://post.jagran.com/long-way-to-go-for-india-to-become-global-growth-engine-raghuram-rajan-1440584721
Asked whether India can replace China as a new growth engine, Rajan said, "India is one-fourth to one-fifth of China's size. Even if we can overtake China in terms of growth rates, the magnitude of the effect will be far smaller for a long time to come."
As per the latest data available with the World Bank, GDP of the US is over USD 17 trillion. This compares with China at over USD 10 trillion and India USD 2 trillion. http://post.jagran.com/long-way-to-go-for-india-to-become-global-growth-engine-raghuram-rajan-1440584721
Source: Business News
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