Hyderabad: “Urbanisation will re-shape the world, the more we urbanise; the more we grow,” said Mohan Guruswamy, former Economic Advisor to the Government of India.
Speaking at 31st webinar on the topic ‘Crisis in World Financial Management: Implications for growth for Indian Business’ organised by the ICFAI Foundation for Higher Education, Deemed-to-be University, as part of its WiseViews, an interactive webinar series, Guruswamy explained the world economic scenario through a detailed presentation with latest trends that were happening today.
He observed that “the current economic situation of the world is quite healthy and so are the prospects of India’s financial growth. The world trade is 37.7 per cent and growing at 2.6 per cent per year. During the last decade India contributed at 9.9 per cent to the world economy and is placed 6th at the moment”.
“India has 640 trillion dollars as foreign reserves as on November 12, 2021” Guruswamy said. “India’s middle class will rise rapidly in the next five years and it will compete with some large players like China and the US in terms of the GDP,” he said.
Explaining about the super power of the US in the world economy, Guruswamy said India and China produce the goods at low cost and export it to the US and they deposit the money in the US banks. Therefore, the US banks have the opportunity to fund their citizens with more loans to enable them to lead a luxurious life.
The webinar was moderated by Professor R Prasad, director – academic wing, ICFAI Group and professor Sudhakar Rao, director – branding, ICFAI Group.
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