The International Monetary Fund (IMF) recently said that India will grow faster than China and other major economies in the coming years. Now the Chinese dragon is itself acknowledging that there is a lot of development in India and it is fast moving with a young population, economic reforms. China’s official newspaper ‘Global Times’ said in a report that India will repeat China’s economic success.
Citing an economic survey, it has been said that India will grow at a pace of 7 to 7.5% in 2018–19, which will make it the fastest growing in the world’s big economies. The report says, “The biggest feature of Indian economy is a demographic dividend. It has also been a significant factor in the success of China in recent decades. World Bank statistics show that India has the world’s largest young population. This is a powerful impulse for the country’s future.”
Referring to the growing investment in India, it has been said, “Only because of reliable demographic dividend, companies from around the world are investing in India. They are expected to repeat the economic success of China here. According to the report, India has been criticized for a long time about weak infrastructure, but this means that there is a lot of potential for India in this region too. The economy will get more strength as soon as the infrastructure projects start.
Describing unemployment, education, and training as a challenge for India, the report said, “Reforms will be important for other problems of unemployment and the economy. Indian Prime Minister Narendra Modi’s government has made aggressive improvements to the ban on high-value currencies, GST and FDI from the end of 2016.”
It is said in the report that it is important for the Government of India to go ahead with the capacity of the economy and from time to time, policies should be abrogated. The Chinese newspaper has said in the end, “It is not bad for China to see their neighbors in good economic conditions.”
The Indian government is focusing on employment creation out of the Make in India initiative, which has its own indirect conclusion. Motivating MSME’s, job creation, and strengthening manufacturing sector are some of the critical key objectives of the Initiative. This program has majorly impacted the international manufacturers and Indian economy as well, which ultimately depicts India heading accurately towards its road to success.