Summers Sees India as Next Manufacturing Powerhouse If It Embraces Reforms

Larry Summers discussed global economy, India's prospects as manufacturing base, and recommendations for reforming multilateral development banks (MDBs) in his interview.
He is encouraged by response to expert panel's report on MDB reform, but progress needs to continue through financial commitments and effective implementation.
Summers sees India having opportunity to absorb manufacturing leaving China, if it creates systems for rapid investment and fewer restrictions.
He believes India can grow faster than China for years, but needs 8% annual growth rate to reach full potential, requiring bold policies.
Summers says India has made more mistakes emphasizing self-reliance than embracing globalization historically, so is concerned about recent self-reliance focus.

timesofindia.com

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Posted 9/24/2023, 8:13:00 PM