Harvard professor's praise for India: 'Country has had an economic miracle'
Larry Summers predicts India will be the fastest-growing economy in the coming years, with sixfold growth by the 100th anniversary of independence.
Larry Summers, the Charles W Eliot University professor and president emeritus at Harvard University, said that India is poised to be the fastest growing in the coming years. The former US treasury secretary said that India's story is extraordinary. He told Hindustan Times, “Today, India has $600 billion in reserves and is a generous provider of support to countries around the world. India has had an economic miracle over the last generation, and I believe that the next generation could see quite remarkable economic growth.”
Read complete HT interview here
He added, "I am hopeful that between now and the 100th anniversary of India’s independence, the Indian economy could grow sixfold from its current level. And I think India has the very great prospect of being the most rapidly growing significant economy in the world over the next five years, the next 10 years, and the next generation."
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On India's potential, Larry Summers said, “I think India has an opportunity to be a substantial beneficiary of the fact that resilience is now a far greater concern in the United States and in Europe than it was a few years ago. And many firms that were all about just-in-time are now also heavily about just-in-case. And that means reducing sole dependence on China.”
Reflecting on US, he said, “I am ultimately optimistic about my country. There is a line that is attributable to Winston Churchill that I don’t think he actually ever said, that the United States always does the right thing but only after exhausting the alternatives. I think that ultimately, we will take many of the steps that are necessary.”
