NEW DELHI: China's economic travails may be roiling global markets but they bode well for India, which should seize the opportunity offered by pressing ahead with reforms, Niti Aayog Vice-Chairman Arvind Panagariya has told ET.
Panagariya said in an interview that state governments could take the lead by framing industry friendly laws on land acquisition, while the Centre presses ahead with its efforts to bring in the Goods and Services Tax (GST) legislation and undertake reforms that can be achieved by executive action.
He said in his view the developments in China and their knock-on impact were better categorised as 'turmoil' than as a 'crisis'.
Panagariya said this presented a huge opportunity for India.
"I see the development as being positive for India," said the former economics professor at Columbia University, who was appointed as the head of the Planning Commission's successor body by Prime Minister Narendra Modi.
"In principle, it can cut two ways. On the negative side, the slowdown can lead to a decline in the demand for our goods. On the positive side, China would be vacating a large chunk of space in the export markets. With our exports to China being small, the potential negative effect is small as well. But the scope for India capturing the export market is potentially huge," he added.
India can gain but it will gain if the government can bypass the obstructionist behavior of congress.
India cannot stand at par with China on any front whatsoever. India can gain from China's loss but not in the same proportion. China is much more resilient and enterprising than India.
You mean like how they build complete cities with airports and shopping centres which are deserted? Or how their debt is three times GDP and rising? Maybe you mean how they copy complete western car models or warplanes and present it like their own inventions? You sure know what you are talking about.
Lately Foreign policy of India is much effective in attracting huge business in comparison with China.. China must improve it's relations with Japan and other small country if it wants to remain at top.
In China everyone is doing his duty to the hilt, in India they try to obstruct the others to the hilt.
in our stupid system cant pass land bill gst & we dream of overtaking china ?
There is no meaning in blaming Manmohan Singh, he is a poor guy. All the powers are vested in the hands of Sonia. Nothing to blame Singh. He is just a puppet in the hands of Sonia
The Chinese use two brush strokes to write the word 'crisis', one brush stroke stands for danger ;the other for opportunity. In a crisis, be aware of the danger... But recognise the opportunity.
In comparison India stands nowhere and might not in half century
Yes we will never be able to hack all over the world to steal technology like China does they are way ahead!
This guy lacks intelligence. China is not sleeping nor is unaware of threats to commerce