Raghuram Rajan Says India Taking Place Of China Thinking Is Premature Will Take Time

Raghuram Rajan in WEF: Former Reserve Bank of India Governor Raghuram Rajan said that India is about to replace China in terms of influencing global economic growth. To think would be immaturity. Rajan said that the reason for this is that India’s economy is still very small compared to China.

However, Raghuram Rajan said that the situation may change in the future. He said that the situation may change with the passage of time. India is already the fifth largest economy in the world and if it continues its growth, things may change in the future.

In a press conference during the ongoing World Economic Forum meeting in Davos, Raghuram Rajan said that even a slight improvement in China’s economy will boost the prospects of global economic growth. He said that there are still 12 months left and during this time it would be a good thing to improve the situation in China. He said, ‘China is currently facing an epidemic and its condition may improve by March-April this year. If its manufacturing improves, then it will help in reducing the prices in other countries as well.

Raghuram Rajan said that at present the eyes of the policy-makers are focused on the housing sector apart from the labor market. Referring to America, he said that even though there is no sale of houses there, the prices are not falling. He said, ‘Is everything hopeless, maybe not. But Rajan said on the ongoing war between Russia and Ukraine that if the President of Russia Putin decides to end the war, then definitely the situation will improve.

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