The most pressing issue facing the financial sector is the rising stock of non-performing assets in the banking system
The World Bank recently announced that the Chinese and Indian economies are 40 per cent smaller than previously estimated. The new data are based on improved estimates of purchasing power parity (PPP). The basic idea is that, when comparing incomes across countries, variations in purchasing power should be taken into account. Price levels in China and India, among other developing countries, turn out to be much higher than previously estimated.
India's remarkable economic performance during this decade has put it alongside China at the centre of the world economic stage. Strong growth has been accompanied by rising integration into global trade and finance.
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