Australian Resource Minister Josh Frydenberg believes that India can fill the gap as China's economy slows

Australian resource Minister Josh Frydenberg is of the view that India, with its huge middle class and rapid pace of urbanisation, could step up to fill the gap made by the the slowdown in China.

"Other opportunities in the region, particularly in ASEAN countries, particularly in India, will hopefully methe hole that has been left by the slowdown in China," Josh told Sky News.

"(India) haven't gone through the urbanisation and development that China has but under the (Narendra) Modi government they're very intent on following that path," he further said.

He further predicted that urbanisation and a growing middle class in India can open doors for Australia after the dark economic news from the world's second largest economy, China.

In his statement, he reassured the resource-dependent economies that the fundamentals in the global economy would continue to support commodities despite the International Monetary Fund cutting down its global growth forecasts for the third time in less than a year.

He continued by saying that the IMF's global growth forecasts of 3.4% in 2016 and 3.6% in 2017 were still very strong.

He sounded hopeful when he said that even the Australian economy could benefit in terms of tourism because of the fast-growing Indian middle class.

Talking of China, it’s for the first time in 25 years that their economy grew at its slowest pace (at 6.9%) in 2015. This has sparked global concerns over the economy’s condition and the impact that it could have on the investors.

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