\Zee Media Bureau
New Delhi: Amidst the slowdown in China that is turning the global economy into a turmoil, the chief of RBI, Raghuram Rajan has said it won't hit India too much.
China slowdown won't hit India too much, Rajan said as per report on CNN IBN.
In view of the recent turmoil in the global market and currency, Rajan said the US Federal Reserve should not cut rate when the global economy is in such turmoil.
Rajan's statement comes just a day after Finance Minister Arun Jaitley saw opportunity in the turmoil of the country and said India with 8-9 percent growth rate, can replace China as the driver of world economy.
"The world needs other engines to carry the growth process. And in a slowdown environment in the world, an economy which can grow at 8-9 percent, like India, certainly has viable shoulders to provide the support to the global economy," Jaitley said.
It is also interesting to note that global media is seeing the turmoil as an opportunity for India to overtake China.
"Now India’s resilient consumer spending is an advantage as demand decelerates almost everywhere else. It is luring companies to produce in India and, the government hopes, can help spark a belated industrial revolution in the country of 1.2 billion," says the Wall Street Journal in a report.
Recent turmoil in China's equity and currency markets is proving to be India's gain, with share prices in the south Asian nation reviving as investors who cut their holdings earlier this year switch out of Chinese equity markets and back into India's.
With Agency Input
