Source: blogs.reuters.com - Tuesday, March 03, 2015
By Sankalp Phartiyal Jim O’Neill, who coined the term BRICs to highlight emerging economic powerhouses Brazil, Russia, India and China, said India’s budget lacked a “wow” factor but was good enough to push the country on a path of 8 percent growth or more “for a long time”. The former Goldman Sachs economist also said India was likely to replace Brazil as the second-largest BRICS economy (“S’ for South Africa, which was later added to the group) in the next couple of years and could become the world’s fifth-largest economy by the end of the decade. In an interview with India Insight in New Delhi, O’Neill gave his views on India’s budget, the BRICS nations, and the government’s decision to adopt inflation targeting. Below are edited excerpts from the interview. Quotes have been lightly edited for clarity. Q . What do you think of the budget? A: There is nothing which makes me want to go wow, which gives the impression that it was a little disappointing. But I think there’s been a lot of things announced, many of which in their own right could be very important, and collectively could be extremely important. But it’s hard to know the details and it depends on how well they get implemented. The more I think about it, this is a budget that’s doing stuff, but we won’t be able to tell for quite some time because it’s got to get support in parliament, in the states, and it needs to get implemented. When I reflect more and more, it makes
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By Sankalp Phartiyal Jim O’Neill, who coined the term BRICs to highlight emerging economic powerhouses Brazil, Russia, India and China, said India’s budget lacked a “wow” factor but was good enough to push the country on a path of 8 percent growth or more “for a long time”. The former Goldman Sachs economist also said India was likely to replace Brazil as the second-largest BRICS economy (“S’ for South Africa, which was later added to the group) in the next couple of years and could become the world’s fifth-largest economy by the end of the decade. In an interview with India Insight in New Delhi, O’Neill gave his views on India’s budget, the BRICS nations, and the government’s decision to adopt inflation targeting. Below are edited excerpts from the interview. Quotes have been lightly edited for clarity. Q . What do you think of the budget? A: There is nothing which makes me want to go wow, which gives the impression that it was a little disappointing. But I think there’s been a lot of things announced, many of which in their own right could be very important, and collectively could be extremely important. But it’s hard to know the details and it depends on how well they get implemented. The more I think about it, this is a budget that’s doing stuff, but we won’t be able to tell for quite some time because it’s got to get support in parliament, in the states, and it needs to get implemented. When I reflect more and more, it makesfrom Top News on RSS Feeds http://ift.tt/1AU8vQw
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