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BIG STORY FEBRUARY 04, 2022 | The Indian Eye 5

President Biden is weathering a tough economic situation at home Xi Jinping is damaging the Chinese economy with his aggressive policies

success by making effective use of the the fastest-growing economy in the light on India as a player in the world Moreover, the strength of India lies in
start-up eco-system. It is a testimony world last year and India may over- economy while speaking on the topic, its states which have so much creativi-
to the success of our country’s massive take other countries like Japan, US “Unlocking India’s business potential ty but for the investors, it gets difficult
and robust digital payment platform and finally China as it emerges as the on the world map”. as they do not know where to start
that millions of digital transactions new entrant to the global economic While sharing his views on In- and with whom to compare”.
are being done every month,” he said. road,” said Dr. Frank-Jurgen Richter, dia’s potential he said, “Indian com- While India may be offering hope
It is not just the president of India Chairman, Horasis while addressing panies should invest more overseas to the world, the Chinese government
who is upbeat about India’s economy. the members of Thought Leaders of and build a global presence. India so is only giving bad news to the world
Addressing the first India-Central India (TLOI) in an exclusive virtual far has been mostly successful domes- and its economy. Underlining the side
Asia Summit on Thursday, Kazakh- engagement. tically - with a lot of domestic demand effects of Chinese President Xi Jin-
stan President Kassym-Jomart Toka- Focusing on digitization, deglo- and maybe that was why India never ping’s “abrupt and extreme” policies,
yev said on Saturday that India is the balization, and decoupling as the looked overseas. I would encourage a report published in a Japanese daily
“embodiment of ancient and unique three growth drivers, he said, “The Indian companies to take the risk and said Xi himself is a risk to the Chinese
civilization that has achieved tremen- potential of India is higher than invest overseas to build global brands economy.
dous successes in economic develop- what we see right now”. Keeping the in MNCs like Apple and Microsoft.” This comes as experts say that
ment”. He said the Central Asian re- world’s economic, business, and po- Responding to a question of weakening growth in the closing
gion is becoming a new global centre litical scene in perspective and recog- Avinder Singh, MD & CEO, Osram months of 2021 could cause trouble
for attracting investment and capital. nizing the role of key global players in Lighting who wanted to understand as China faces a worsening real es-
He said it is quite symbolic that the world economy Thought Leaders how the world looks at our ‘make in tate crisis, the latest Covid outbreaks
the summit is being held in the 30th of India, a business community of India’ and ‘indigenization’ programs. and the country’s strict no-tolerance
anniversary year of the establishment India’s corporate stalwarts, believes Dr. Richter said that India is on the approach to controlling the virus.
of diplomatic relations between coun- India can play a major role by cham- right track with all the programs start- Although last year’s growth figure is
tries of Central Asia and India. pioning shared values and open so- ed by the government as “they make a somewhat in line with the expecta-
“All these years the countries cieties. Hence, it invited Dr. Richter, lot of sense”. tions. But experts point out how Chi-
have developed a constructive polit- one of the world’s respected voices He said, “But from the percep- na’s GDP expanded just 4 per cent in
ical dialogue and have continuously on corporate globalization and Asian tion of a foreign investor, we are op- the last quarter of the year compared
expanded multi-dimensional econom- business, who has influenced major timistic as the investment into India is to a year prior, the slowest pace in a
ic and humanitarian ties,” he said. To- business and governmental decisions much less bureaucratic than before, year and a half.
kayev said that trade turnover of the with his public comments individual- yet it still has hurdles. With extensive “If Xi fails to improve the eco-
central Asian countries and India in ly and through Horasis, a Global Vi- paperwork, local government involve- nomic situation by the Communist
2020 reached USD $3 billion and the sions Community. Dr. Richter threw ment investments do take a long time. Party’s national congress in autumn,
share of Kazakhstan amounted to 81 it could affect his power,” Japanese
per cent. financial newspaper Nikkei Asia
“Our vast Asian region possesses quoted a Chinese political source as
colossal resources and great intellec- saying.
tual capacity. The Central Asian re- “Overconfidence is bad for
gion has the most important transport China’s development,” said a Chi-
corridors and rapidly developing mar- nese economist after the latest gross
kets. It is becoming a new global cen- domestic product figures were an-
tre for attracting investment and cap- nounced on Monday. “Given the
ital,” he said, lauding Prime Minister serious economic slowdown we are
Narendra Modi’s efforts in organizing currently facing,” the economist said,
the summit. “the day China surpasses the US is
Praise for India is coming from moving away, not coming closer.”
other quarters as well. “The world In such a scenario, India has the
we are living in is very uncertain and potential to drive the global economy
the level of uncertainties is on a rise. in a positive direction. At least, the
India is like a rock in the ocean. In- A war in Europe can do further damage to the global economy world is looking at India with great
dia has been good news as it was expectations.

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