Economist Nouriel Roubini said India is poised to grow faster than China in the coming years and expand at 7% or more in the medium term with the right policy interventions, while warning of potential global threats and domestic challenges.
At the ET Global Business Summit on Friday, Roubini, professor emeritus at the Stern School of Business, said: “India’s challenges are going to be more micro, rather than macro or cyclical… the growth of India is becoming increasingly driven by national champions that are large private conglomerates… eventually they can potentially hamper competition, kill new entrants and startups.”
He said the possible emergence of large oligopolies could hobble growth. While he said the global economic outlook was less gloomy than six months ago, Roubini, who is also called “Dr Doom”, identified deglobalisation, reshoring or friend-shoring, an ageing population in several parts of the world, restriction on migration in the West, global climate change and its impact on food and energy prices, as well as growth threats of the pandemic, and cyber risks as possible threats.
Besides, he said, rising interest rates and high debt levels had raised prospects of a “hard landing” instead of a “soft or softer landing”.
At the ET Global Business Summit on Friday, Roubini, professor emeritus at the Stern School of Business, said: “India’s challenges are going to be more micro, rather than macro or cyclical… the growth of India is becoming increasingly driven by national champions that are large private conglomerates… eventually they can potentially hamper competition, kill new entrants and startups.”
He said the possible emergence of large oligopolies could hobble growth. While he said the global economic outlook was less gloomy than six months ago, Roubini, who is also called “Dr Doom”, identified deglobalisation, reshoring or friend-shoring, an ageing population in several parts of the world, restriction on migration in the West, global climate change and its impact on food and energy prices, as well as growth threats of the pandemic, and cyber risks as possible threats.
Besides, he said, rising interest rates and high debt levels had raised prospects of a “hard landing” instead of a “soft or softer landing”.