India offers same scope as China did much earlier: report

03 Nov '19

1 min read

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India presents the same economic opportunity as China did at the beginning of its boom phase, and will be the third largest economy by 2039, according to a report released with Bloomberg’s New Economy Drivers & Disrupters Index. However, it faces challenges of disruptive forces like automation, digitisation, climate change, protectionism and populism.

While India has favourable demographics and a far-reaching reforms agenda, which has the potential to super-charge growth, there is a barrier to rapid development as the country is even more exposed to disruptive forces than China, the report said.

The report highlights the complex challenges that come with this shift in power from the West to the East. It concludes that new economies are poorly positioned for the disruptive forces.

In an age of disruption, late developers will have a tougher time in catching up, the report added.

According to the report, for major advanced economies, the right policy response to disruptive forces will make the difference between extending prosperity and slumping growth.

Fibre2Fashion News Desk (DS)

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