|
|
India seeing opportunity in slower growth in China: FM
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 28 Aug, 2015
In face of the ongoing turmoil
in Asian equity markets, union Finance Minister Arun Jaitley on Thursday
said India, with a growth rate between 8-9 percent can outpace China to
become a key driver of global economy.
"The world needs other
engines to carry the growth process. And in a slowdown environment in
the world, an economy which can grow at 8-9 percent, like India,
certainly has viable shoulders to provide the support to the global
economy," Jaitley told BBC in an interview.
With a commitment to
push ahead with the government's reforms agenda, the minister said India
has already laid down a "red carpet" for businesses looking to invest
here and investors need not fear any retrospective legislations.
"My
message to the people wanting to do businesses in India is that there
is a red carpet laid down for you. India needs investments, India
invites investments and we are going to be one of the more
investor-friendly destination," he said, adding that the current
government will never resort to retrospective taxation.
The country's GDP grew by 7.3 percent in 2014-15 and is projected to grow by 8-8.5 percent in the current fiscal year.
"In
an environment where there is a relative global slowdown, India seems
to be doing reasonably well. We finished last year with 7.3 percent
growth rate, will probably finish this year with a slightly better
growth rate than that and next year hopefully will be a little better,"
Jaitley said.
International Monetary Fund (IMF) estimates have
stated India to overtake China as the fastest growing emerging economy
in 2015-16 by clocking a growth rate of 7.5 percent. However, there will
be a deceleration in China as the growth rate will slide from 7.4
percent in 2014 to 6.8 percent in 2015 and 6.3 percent a year after.
"I
see this as a great opportunity. The Chinese normal has now changed. It
is no longer the 9 percent, 10 percent, 11 percent growth rate. If we
can continue to reform at a faster pace and really attract global
investment, then our ability to provide that shoulder which the world
economy needs will be much greater," he said.
Even then, the
finance minister said that convincing the section of society which has
still been left out off the benefits of the reforms will be a challenge.
Asked
about the recent crash in the stock markets following the devaluation
of the Chinese yuan, Jaitley said: "When the Chinese economy slowed down
a little, it didn't impact much. When the devaluation and the currency
war started we did get somewhat adversely affected. When global markets
fell, we also felt a huge impact in terms of currency and markets. But
within a day we had recovered."
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|