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Chinese back India shining claim
By siliconindia staff writer
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Friday, 05 March 2004, 20:30 IST
BEIJING: The controversial 'India Shining Campaign' of the Indian Government found a supporter from an unexpected ally - a state Chinese business weekly.
"India now basks in the most 'shining era' in the 56 years since it became independent from Britain," the state-run 'China Business Weekly' said in its latest issue which focused on India's recent rise as an emerging economic power.
The Indian economy never had it so good in recent history, benefiting from a good monsoon, gross domestic product (GDP) growth projections at eight per cent, foreign exchange reserves at $ 100 billion plus.
The country experienced moderate inflation, rising corporate sales and profits and consumers spending like never before with housing, car and higher education loans cheaper than any time in living memory, the article "India: A Blockbuster in the Making" noted.
"Has the Indian economy ever had it so good? By these parameters, never," said Sun Peijun, professor at the Chinese Academy of Social Sciences (CASS).