India has 20 years, after that it will not get the chance…why did World Bank expert say this?
GH News December 27, 2024 01:06 AM
India is the fastest growing economy of the world. World Bank chief economist Indermit Gill is of the view that several things are in favour of India- from the demographics to geopolitics and from a large domestic market to low debt levels in the private sector.
During an interview with the Times of India Gill said India should focus on economic freedom greater prowess and quality education as these factors would push its potential growth from 6% to 8% .
Gill said India is more fortunate in comparison to the typical middle-income economy. He said the country will have an exceptionally favourable demography for the next two decades. Investors find it interesting in advanced economies as they wish to diversify away from China.
India is a large and swiftly growing market and foreign companies see it as an opportunity and would show interest to establish its operations in the country.
He said that India’s economy is more stable in comparison to China. The ratio of consumption to GDP is normal so India is less dependent on foreign consumption. He said the economic development would not be frightening as it was in China in the last two decades.
Gill said the geopolitics are also in favour of India. He said the next two decades are potentially good for India. He said the period of next twenty years India would not witness as much growth as it will see in the two decades. So it is a golden opportunity and it should not be missed by the country he added.