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India expected to overtake China's growth: IMF Updated: 2015-05-19 17:56:53 KST


Leading financial institutions, including the International Monetary Fund, say,this year India will post a faster growth rate than China for the first time in 16 years.
China has fallen away from two-digit growth and is busy unveiling a series of expansionary measures to try and maintain its growth rate at around seven-percent.
On the other hand, India, spearheaded by Prime Minister Narendra Modi's economic reforms dubbed "Modinomics," is sailing.
The IMF projects India's growth rate to reach seven-and-a-half-percent this year, thanks largely to an anti-corruption drive and measures that aim to attract investment to the country's manufacturing and infrastructure sectors.

(Korean: )
"Modi is emphasizing India's 3Ds: democracy, demography and demand. Like China, India is one of the most populous nations in the world with a large youth demographic. But unlike China, India is a democratic country."

As of 2010, 19-percent of the Indian population were between the ages 15 to 24.
Despite these conditions, the researcher cautions that a shift towards economic powerhoues depends entirely on the government's committment to carry out its economic reform plans.
For now, it seems that the Indian central government is super motivated.
It announced plans earlier this week to boost infrastructure spending by eleven billion U.S. dollars this financial year, on top of its original plan to spend 137-billion on its railways over the next five years.
Kim Ji-yeon, Arirang News.
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