Harvard professor's prediction for India: PM Modi enjoys spectacular success

October 01, 2024 at 1:53 p.m. IST

Larry Summers predicts that India will be the fastest growing economy, emphasizing job creation in services and construction.

Larry Summers, professor at Charles W Eliot University and president emeritus of Harvard University, said India is poised for the fastest growth in the coming years. The former US Treasury Secretary told the Times of India that India should increasingly focus on creating jobs in services and construction.

About China, the Harvard professor said, China's economic problems date back to the suppression of consumption. The United States typically spends around 70% of its GDP on household consumption and even during World War II this figure was close to 50%. Chinese consumption is around less than 40%. This means that a large amount of resources must be devoted to something else. At times it was infrastructure, but after laying more concrete in five years than the United States did in the 20th century, infrastructure has seen diminishing returns.

Reflecting on India's growth journey, I am optimistic about India's prospects of growing its GDP six times by the century of independence and becoming the fastest growing economy in the world over the next five years, the next decade and the next generation among major economies. .

Praising Prime Minister Modi, he said, Prime Minister (Narendra) Modi has achieved spectacular success as an energizer, setting up infrastructure, launching new initiatives in physical infrastructure and in immaterial spheres involving payments or individual identities. I hope that in the years to come, the reform aimed at ensuring strong and diversified incentives for initiatives allowing market forces to operate can be carried out with as much energy as has been the case so far by providing from energy to public efforts in the broad sense. This is how the promises of the Indian economy will best be realized.

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