New Delhi, Oct 3 (SocialNews.XYZ) Global economists on Saturday hailed India's economic trajectory and underscored the importance of sustained growth, education, free trade and income-based taxation in supporting the country's rise as a major global economic force.
Speaking to IANS on the sidelines of the 5th Kautilya Economic Conclave here, Swedish economist Daniel Waldenström said India has made impressive progress through growth-oriented policies and is well-positioned to translate economic expansion into broader social gains.
"India is on a good path in terms of increasing its economy at a fast pace. The focus on growth has been very positive and will help expand education, infrastructure and overall living standards," he said.
Waldenström argued that policymakers should focus more on income inequality than wealth inequality, saying income levels provide a clearer picture of poverty and economic opportunities.
He noted that rising wealth among entrepreneurs can often reflect a growing and globally competitive economy. On taxation, he advocated taxing capital income, including corporate profits, dividends and interest earnings, instead of relying on wealth or inheritance taxes, which many OECD countries have gradually moved away from.
According to former European Central Bank President and former Bank of France Governor Jean-Claude Trichet, the country is transforming ‘very impressively’ in the direction which is the natural direction of India, which is one of the most important countries in the world.
“Certainly one of the two major emerging countries, but one leader in the international community. So I would encourage India to continue to go in the same direction and with great success," he adds.
Meanwhile, French economist Jean-Pierre Landau praised the growing India-France partnership and described India as a key actor in addressing global challenges. Despite geopolitical tensions and rising protectionism, he said trade and investment across Asia remain robust.
"We are facing a challenging global environment, but India is a major, if not the major, player in trying to solve the world's problems right now," Landau told IANS.
Similarly, Zhang Liqing, Professor of Economics, China, said that Indian economy is “quite dynamic and quite strong”.
“I think now it's become one of the highlights of the world economic growth. So I look forward to India's economy being sustainable and making a great contribution to the world economy,” says Zhang.
Source: IANS
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