Growth of global economy hinges on India, China: Gita Gopinath

During the similar period, the share of China surged from meagre 2% to 11%, in par with the U.S. rated at 12%.

Published: 21st May 2019 05:13 AM  |   Last Updated: 21st May 2019 12:00 PM   |  A+A-

Chief economist of the IMF, Gita Gopinath

By Express News Service

MYSURU: Chief economist of the International Monetary Fund (IMF) Gita Gopinath on Monday asserted that the global economy should rely on India and China to a larger extent to witness growth in the coming years.

“Hence, both the countries should continue to be engaged with the rest of the world,” she added.

Participating in an endowment lecture series followed by an interactive session organised by JSS Mahavidyapeeth as part of its golden jubilee celebrations, Gita said, “Being the chief economist of IMF, I have recently projected an outlook of world economy for the next five to six years and five to ten years, where I have mentioned that the growth of global economy should rely on India and China to a greater extent.”

While there are many challenges to be addressed on the climate front, both the countries should continue to be engaged with the rest of the world, stressed Gopinath, to a query on ‘Should India become like China and if yes, will it not affect climate?”

Gita, who made her opening remarks in Kannada, struck a chord with the audience that was a mix of religious heads, intellectuals, doctors and also farmers. Gita, who grew up in Mysuru,  and studied in Nirmala Convent here, later went to New Delhi to pursue her higher education.

On loan waivers extended by banks for the public in general, Gita said, “It would be better to do cash transfers against loan waivers. Cash transfers will help farmers who are badly affected. However, in the case of loan waivers, it may encourage others to follow suit with the impression of getting the benefit of loan waivers.”

Earlier, while delivering a lecture, she said India’s share in international trade is still low when compared to China. With the help of statistics, she explained, “India’s share in world exports in 2018 was 2% against 0.5%  in 1991. During a similar period, the share of China surged from meagre 2% to 11%, at par with the U.S. rated at 12%.”

Elaborating the causes that have impeded the growth of India in the area of international trade, Gita attributed it to the weak industrial production caused due to laws related to land, labour and infrastructure that are conducive only to encourage smaller investments.

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