Look what China has to say about India’s growth story

In what could be a royal snub at Prime Minister Narendra Modi’s efforst to boost the Indian economy, a state-run Chinese think tank has said that it is too early" to cheer about India's growth rate as the country’s economy is still facing several hurdles. The statement comes after reports stated that India’s GDP will surpass China’s figures in the coming years.

"The substantial quantities of reports over whether India's growth rate will overtake that of China and make it the world's fastest-growing large economy have reflected a wide confidence in its economy," said an article by Zhao Gancheng, director of South Asia Studies at the Shanghai Institute for International Studies, published in the state- run Global Times in a report by ET.

Along with India, both IMF and World Bank also believe that the Indian economy is out of the slump. "Yet whether such predictions are inflated remains unexplained and difficult to verify," it said.

Interestingly, the World Bank too projected that India's GDP may officially cross that of China as it is for the first time leading major emerging economies in growth chart. "There is no point in the constant comparison of the Indian and Chinese economies. They are simply not comparable with each other," the article said.

The article also stated, “"However, once India's growth rate catches up with China's, it is bound to be hyped. That is because highlighting India's economic figures is India's economic figures is done for political ends.”

It should be noted that PM Modi’s initiatives such as Make in India and Digital India have garnered praises across the globe, with several overseas investors expressing interest in investing in India.

Image: Indiatimes.com