India needs to imagine what its economy would look like. India needs to imagine what its cities would look like, said an influential economist. For India to have an economic growth like China, it needs to focus on just one thing and that is infrastructure, Shanghai-based independent economist Andy Xie has said. In an interview with CNBC-TV18, Andy Xie said that a developing country like India does not need to “look at GDP targets” but instead focus on infrastructural development.
“You look at what China did after 1998. The ramp-up in infrastructure was much quicker. They started building highways with 1,500 kms per year and built up very quickly to 6,000-10,000 km per year. This is the scale India needs for the economic growth,” Andy Xie, adding that India needs physical targets. He explained that growth means investment, investment means a bunch of projects.
“There are always tons of problems. You must grow out of problems and everything all else will come together to support growth… the most important part is urbanisation. India needs to build massive cities,” he told the news channel, adding that the key to fast growth is to turn labour into capital. Read More