Former U.S Treasury Sercretary Larry Summers, stated during a session at the Hindustan Times Leadership Summit, held in New Delhi, “Except India, major emerging economies seem to be losing momentum. I think if India maximizes its potential, it could grow at 9 percent for a decade, and 8 percent a decade after that, and 7.5 percent for a decade after that.”
Summers, who was also President of Harvard Univerity, said India that should not blindly follow the so- called Tigers’ economies growth model and it should give more stress in developing its services sector. “India has different potential and it should concentrate more on services sector,” he said.
“I think India can do lot to promote manufacturing. But I don’t think it is reasonable to think India should follow South Korea’s export-led growth model,” he added.
Summers also stressed on the need for speedier and predictable decision-making in India, and added that the country needs bolder reforms.
