India new global growth pole, to keep lead over China: Harvard

India new global growth pole, to keep lead over China: HarvardUpdated on : 10-07-2017 10:53 AM
A new study by Harvard University has placed India ahead of China as the economic pole of global growth.

According to the study, maintaining its lead over the coming decade, India will feature on top of the list of the fastest growing economies till 2025 with an average annual growth of 7.7 per cent.

The study attributed India's growth prospects to uniqueness. The study said India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics.

"The major oil economies are experiencing the pitfalls of their reliance on one resource. India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years," it added.

Growth in emerging markets is predicted to continue to outpace that of advanced economies, though not uniformly.

The study has placed India in the category of countries that have enough capabilities that make diversification and growth easier.

(IK)

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