The two economies can also learn three things each from each other, he said, at a convention on India in the Changing World Scenario organised by the Confederation of Indian Industry (CII). China can learn creativity and innovation, corporate governance and transparency. India can also learn three things from China: clarity of direction, infrastructure and education, he said.
Highlighting the resilience of Indian economy and its sustained 6-7% growth, he said, If India can grow at this pace, it can really surprise everybody. Indian economy has shown quite a bit of resilience. It is on a strong growth trajectory.
In fact, citing studies, he said that the global economy is likely to post 4.6% growth this year mainly due to robust performance of the US, China and India.
Even the steep rise in fuel prices to is due to higher demand from the US, China and India, he said, apart from stockpiling by many countries in anticipation of further price hike.
He predicted that prices will drop as, Nobody who imports energy will be happy at the $50 a barrel.
The challenge for policymakers is to handle the near-term shock of $50 a barrel strategically, keeping the long-term perspective in mind, he added.