Long way to go for India to become global growth engine: Raghuram Rajan

The comments assume significance in the wake of a China-led slowdown hurting the markets worldwide in the recent days, which has led to calls in India for taking this crisis situation as an 'opportunity' as the global economy may need alternative growth engines.
  
Asked whether India can replace China as a new growth engine, Rajan said, "India is one-fourth to one-fifth of China's size. Even if we can overtake China in terms of growth rates, the magnitude of the effect will be far smaller for a long time to come."
  
As per the latest data available with the World Bank, GDP of the US is over USD 17 trillion. This compares with China at over USD 10 trillion and India USD 2 trillion. http://post.jagran.com/long-way-to-go-for-india-to-become-global-growth-engine-raghuram-rajan-1440584721

Source: Business News 

IMF lauds WTO decisions on TFA, food security

"I strongly welcome the decisions adopted by the General Council of the World Trade Organization (WTO) on November 27, related to public stock holding for food security purposes, the Trade Facilitation Agreement and the post-Bali work," IMF Managing Director Christine Lagarde said.

"These decisions reaffirm the commitment of the international community to an open trade system. They also provide an important opportunity for advancing multilateral trade negotiations in other areas, which is essential to bolster global growth, create jobs and reduce poverty," Lagarde said in a statement.

Ending months-long deadlock, the WTO on Thursday approved a trade facilitation pact while agreeing to India's demand for continuing the peace clause till a permanent solution is found to the food stockpiling issue, crucial for continuing food security scheme.

The historic trade facilitation agreement (TFA) would now need to be ratified by governments of individual member countries, including India, for coming into effect which is expected some time next year.

Source: News and Business News