Davos: With China seeking to position itself as the new leader of global economy in place of the US, Union Minister Nitin Gadkari on Friday said India also needs to grab this opportunity as the world is looking at it with high hopes and it would need to further fast-track the decision making process.
Gadkari, who is here to attend the World Economic Forum Annual Meeting, said India also aspires to be the world leader and a global economic superpower, and it would need to work at the same speed as China in terms of policies, administration and decision making processes.
"We are the fastest growing economy, but China is ahead of us in size. Their advantage as also disadvantage is that they are a communist country and they do not have a democracy," he said on whether India has missed an opportunity with China trying to present itself as the new champion of globalisation here at WEF.
"In our country, we have democracy and the good thing is that the Narendra Modi-led government is investment friendly and development oriented. Also, it is committed to fast-track decision making process and to make it a corruption free country," he said.
'India a bright star'
Meanwhile, as uncertainty grips the global economic outlook, ace banker Uday Kotak on Friday said India has an opportunity to be a "bright star" in such a "sober" scenario and the medium term prospects for the country's economy looks good as long as it can focus on right things.
Amid an intense debate on future of globalisation here at World Economic Forum Annual Meeting, Kotak said India has been a big beneficiary of the globalisation process, including by getting a $100 billion software services industry and huge portfolio flows to the tune of $300 billion and it should be a strong votary of open trade and defend open economies from its own point of view.