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China can learn 3 things from India: WEF
September 29, 2004 16:54 IST
World Economic Forum said on Wednesday that the Indian economy is expected to grow by 6-7 per cent this fiscal but warned that the government should sustain the pace of reforms despite resistance from Left parties on many issues.
"We do see India to grow by 6-7 per cent," WEF managing director Ged Davis told reporters in New Delhi on Wednesday.
"If India can grow at this pace, you can really surprise everybody. Indian economy has shown quite a bit of resilience. It is on a strong growth trajectory," Davis, who is in-charge of WEF's Centre for Strategic Insight, said.
Drawing comparison with China, Davis said India has an advantage in terms of democratic set up, resilience of the economy, rule of law, market economy, better legal system and English language proficiency.
China can learn from India three things -- creativity and innovation, corporate governance and transparency, he said.
But he hastened to add that India also has three things to learn from China -- clarity of direction, infrastructure and education.
Citing the success of Indian IT companies globally, he said, "Indians have enormous contribution in this field."
While lauding India's booming services sector, Davis said there was also a need to create world-class manufacturing sector in order to sustain high growth.
Asked whether or not the resistance from Left parties were closing down reforms, he said, "I think, the issue is not composition of government. The question is pace of reforms."He said global economy is unlikely to grow at the same pace as it is doing this year.