The world economy, reeling under the financial crisis, could now rely on India, China and Russia for give boost to sagging demand, Finance Commission chairman Vijay Kelkar said on Thursday.
The trio could play a significant role in the global economy, which is facing a slowdown, Kelkar said at a conference on Russia, India and China in New Delhi.
He said Russia, India and China have potential both in terms of production and intellectual capabilities.
"Russia, India and China can play an important role as support system for the global economy. On the supply side, all three have enormous production potential... To realise the potential, we should take massive amount of reform,"
Commending China on its growth, he said in the last 20 years, China's growth has been very impressive. He appreciated Russia for doing well on the intellectual side and added economic reforms too started in India in 1991-92.
"There is no doubt that these countries have done well," he said.
Kelkar added, in the next 50 years, the success of any economy will be determined by the level of knowledge and innovation the country has grown into. He stressed that the countries have to find intellectual capability.
The conference was held to throw light on common policy issues characterising each of the society, said Suman Berry, National Council of Applied Economic Research director general.