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India to emerge 4th strongest after slowdown
By siliconindia
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Tuesday, 06 January 2009, 16:01 IST |
21 Comments
New Delhi: The sound economic foundation drives India to rank among the top four countries, who would emerge stronger from the global financial crisis. U.S., China and Russia are ranked first, second and third, followed by India at the fourth place amidst 20 advanced and emerging economies (G20).
The key strengths witnessed among these countries include higher growth rates, and sound monetary policy measures. Moreover, the study by Associated Chamber of Commerce and Industry (Assocham) titled 'India and G20: Economic Fundamentals Amid Global Recession', also pinpoints the seven economic indicators which were taken into consideration for the rankings, comprising of the size of the economy, spending power, tax structure, interest rate policy, budget balances, debt burdens and foreign exchange reserves. The size of the economy will enable robust action against the spread of the downturn while the spending power helps in uplifting the slackening domestic demand. The country saw low ranking in terms of budget balance where it stands at the 19th position and it ranks 12th in terms of public debt.
In terms of foreign exchange reserves that present a cushion to protect an economy from speculative capital movements, China tops the list with two trillion dollars. India ranked fourth after Japan (second) and Russia (third).