India's economy still very small compared to China's: Rajan

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- It is premature to think that India will replace China in influencing global economic growth

Davos: Former Reserve Bank Governor Raghuram Rajan said it would be premature to think that India will replace China in influencing global economic growth, but the situation could change going forward.

Rajan told a press conference at the World Economic Forum that even a slight improvement in China's economy would boost global growth prospects. He said that there are still 12 months left and it would be good if China improves during this period. He said, 'China is currently facing an epidemic and its situation may improve by March-April this year.

If its production improves, prices may come down outside as well. When asked about India, Rajan said, the argument that India will replace China is immature. This is because India's economy is still very small compared to China's. But the situation may change with time. India is already the fifth largest economy in the world and can continue to grow.

Rajan said that policy makers are currently focusing on the housing sector apart from the labor market. Referring to America, he said that even though houses have not been sold there, the prices are not decreasing. He said maybe not, if Putin decides to end the war, things will definitely improve.

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