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‘India to drive world growth for next 10 yrs’

He said the world economy can now depend on India for the growth push

Policy Pulse
Publish Date: May 30 2016 1:26PM | Updated Date: May 30 2016 1:26PM

‘India to drive world growth for next 10 yrs’

In the middle of concerns of a slowing global growth, India is a guiding light of hope and has the potential to drive the world economy for the next 10 years, former Singapore prime minister Goh Chok Tong said on Monday. 

 
"India is a hope for us. India is at a stage China was 10 years ago to amend slack in the economy," he said speaking at the Future of Asia Conference organised by Nikkei in Tokyo. 
 
He felt that India should take advantage as China slows. 
 
"One should pass the message to Prime Minister (Narendra) Modi (that) India is growing... now and it is engine of the world for the next 10 years as China is slowing," he said. 
 
He said the world economy can now depend on India for the growth push and it is not just China the world needs to depend on. "(The world) not just depends on China for pushing growth, India can be a very big partner." 
 
International Monetary Fund (IMF) in April cut its 2016 global growth forecast for the fourth time in the past year to 3.2 per cent, citing China slowdown, persistently low oil prices and chronic weakness in advanced economies. This was down from 3.4 per cent projected in January. 
 
In contrast, for India, it retained its 7.5 per cent GDP expansion forecast for 2016 and 2017, up from 7.3 per cent in 2015. 
 
"With the resurgence of sentiment and pick-up in industrial activity, a recovery of private investment is expected to further strengthen growth," it had said.