As China slows down, Economists praise India's effort in economic reforms

When World looks to China for growth but it has its own problems at home. Meanwhile, India should invest more in its infrastructure if its want to be on top.

Noted economist Martin Feldstein on Tuesday said that India need to do more if we want to get more investment as wages rise in China and businesses exploring other manufacturing bases.

While speaking at panel discussion at the Economic Times Global Business summit, Feldtein said that India has a huge opportunity to be part of the global supply chain activities which means importing components, machines, etc as rival China is losing its competitive edge.

In India, with 1.3 billion consumers, there is now a real desire to embrace digitisation, led by companies with the vision and enthusiasm. And with this tremendous opportunity, India should take advantage of the massive digitization which are the signs that the global economy was turning.

Anil Agarwal, chairman of Vedanta Plc said that India can only be transformed if it trusts its own entrepreneurs because they have built across world cross roads, airports and other facilities. Talking about bad loans, Agarwal said issues such as bad loans are part of the development process of a country ."When you build the country, the episodes such as bad loans have to come. It has happened everywhere. You cannot hold a gun you have to hold machine gun. You cannot count bullets when you are building a nation. The law will take its own course but it cannot hold our development," the Vedanta chief said.

Along with Anil Agarwal, Rich Lesser, Global CEO of consulting firm BCG, also appeared optimistic about India.

Ajay Piramal, chairman Piramal group, also said India can't grow unless the public sector banks are well funded. He also said that the government need to pay more attention to the state-run banks. He further said that non performing assets are the major issue which needs to be resolved.

OneIndia News