The Indian economy is going through a sluggish period but has great potential for future growth, a Chinese economist has said, adding a word of caution that the growth will not be at last decade’s rapid pace.
Professor Wen Fude, economist and vice-president of the Chinese Society for South Asian Studies at Sichuan University, has been following the Indian economy for the past three decades and has written several books on it.
He does not subscribe to the downbeat picture painted by some international agencies and western scholars about the currently faltering Indian economy’s future outlook.
“When the Indian economy was growing fast in the early and mid-2000s, many western economists said by 2015 India would overtake China and compete with the US. Now, they are not giving India any chance,” Wen told HT at his office in the University’s Institute of South Asian Studies.
Wen forecasts in the next 10 to 15 years, India’s economy will neither grow too fast nor too slow.
“India is likely to grow at a rate between 4.5% and 6%. I don’t think it is possible for India’s growth rate to fall below that to 1% to 2%. At the same time, India will not be able to grow like it did a few years earlier at 8% and 9%,” Wen said. “India is likely to grow at a rate between 4.5% and 6%.”