Raghuram Rajan said:premature to think that India will replace China

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At the World Economic Forum’s (WEF) press conference on the recently released Chief Economist Outlook.Former RBI Governor Raghuram Rajan said that it is premature to think that India will replace China when looking at global economic growth.

But since India is already the fifth largest economy in the world, the situation may change in the future as it is likely to grow and develop.Most of them saw a global slowdown expected in 2023, Rajan said, adding that any recovery in the Chinese economy would certainly boost global growth prospects.

Referring to the United States, policymakers are currently looking at the labor market and the housing market He said housing sales are not happening there but prices are not falling.

When asked about India, “It is very premature to say that India will replace China as it is a very small economy now. But in a period of time, that may change as India is already the fifth largest economy and it can grow,” he added.