ZURICH: India will overtake China as a financial power after 2015 as its
institutions can weather recession easily, a former union minister said her
e.
Speaking at a seminar on 'The Indian Economy and the China Factor' at the
Swiss-India Chamber of Commerce here, Former Union Commerce Minister and Janata
Party chief Subrahmanian Swamy said that India will "overtake" China after
2015.
"India, because its institutions will weather the crisis more easily," he said
referring to the "1977 East Asia crisis".
Swamy said that investing in an Indian business is a costly affair owing to
poor infrastructure and corruption.
"But Indians now have demonstrated capacity to produce the highest quality
products as proved by the global awards that it won for quality in IT software
and automobile ancillary industry," he said.
Swamy noted that poor infrastructure and corruption are drawbacks that can be
rectified by decisive government action.
For example, he said, Indians hold about Rs 6.5 lakh crores (USD 1.5 trillion)
in Swiss banks alone which can be recovered by issuing an ordinance to
nationalise all Indian citizens' accounts in Swiss banks.
"The Swiss government, by the new post-Marcos legislation would then be obliged
to hand over the accounts to the Indian government," he added.
http://economictimes.indiatimes.com/India_to_overtake_China_as_financial_power_after_2015/articleshow/3558797.cms?from_et_wnd_newsltr=1
Large desire is endless poverty.
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