NEW DELHI: Projected to grow at 7%, India has the potential to be the world’s fastest-growing economy over the next decade till 2024, far outpacing China that could slow to 4.3%, says an influential study by Harvard’s Centre for International Development (CID) on the basis of the 2014 trade data, the latest available.
Helmed by Prof Ricardo Hausmann, who heads the CID and leads research for the ‘Atlas of Economic Complexity’, the study presents an optimistic picture for India based on increasing sophistication of its industry, ability to adapt to changing global demand and variety in exports.
“India has made important gains in productive capabilities, allowing it to diversify its exports into more complex products, including pharmaceuticals and even electronics,” Prof Hausmann says in a press release.Hausmann notes that India’s recent gains in complexity of its economy along with an ability to continue improving will drive higher incomes. “This will position India to lead global economic growth over the coming decade,” he says.
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