Too Early For India To Replace China As Global Engine: Report

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A report has said that India is progressing well towards becoming the fastest-growing major emerging-market economy, but it is too small on economic parameters to replace China as a new global growth engine.

According to global financial services firm BNP Paribas, the hope that India can replace China as a key locomotive of global demand is misplaced.

Too Early For India To Replace China As Global Engine: Report
Commenting on the issue, a BNP Paribas Official told the media, "Those hoping that a more buoyant India can effectively replace the ailing Chinese economy as a new global growth locomotive are likely to be disappointed, however, at least for the foreseeable future."

"Although India is fast approaching China in terms of absolute population, its much lower living standards mean its economy is around five times smaller than China's. At market prices, Chinese GDP was a little over USD 10 trillion in 2014, while India's was just over USD 2 trillion," he added.

Read more about: china, gdp
Story first published: Monday, November 2, 2015, 12:30 [IST]
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