China’s loss can be India’s gain, thinks Finance Minsiter Arun Jaitley

Chinese economy has gone on a slow track lately, and Indian Finance Minister Arun Jaitley has said that this can prove to be beneficial for the Indian economy, given that the world is now looking for "other shoulders to rest its growth on." India, with its planned infrastructure spending to bridge deficit, can prove to be a very powerful driver, says Jaitley.

Jaitley was addressing reporters at 'The Future of Asia' Conference organised by Nikkei Inc, when he said that over the last few years, China has been shouldering almost 50% of global growth, but because of a slow economy, "the ability of China to shoulder that percentage of growth may not be there and therefore the world also is now looking for other shoulders to rest its growth on."

"Since we have a lot of infrastructure deficit and expenditure still to undertake and I think all that is going to be a very powerful driver of economic growth in India," he added.

Jaitley is in Japan for six days, where he would be wooing the potential investors. He, however, added that it’s not possible for any country to replace another, given that the world has enough space for major economies to emerge.

He said that as of now, Indian economy’s growth rate is more than China, "but China will always remain a major economy."

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