Friday, January 22, 2016
A top Australian Minister has said that India, with its swelling middle class and rapid urbanisation, can fill the gap left by the slowdown in China. Commenting on the issue, Australia Resource Minister Josh Frydenberg told the media, "Other opportunities in the region, particularly in ASEAN countries, particularly in India, will hopefully meet the hole that has been left by the slowdown in China." "(India) haven't gone through the urbanisation and development that China has but under the (Narendra) Modi government they're very intent on following that path," he added. The Minister further predicted that urbanisation and a growing middle class in India will open doors for Australia after gloomy economic news from China, the world's second largest economy. The minister further cited that the IMF's global growth forecasts of 3.4 per cent in 2016 and 3.6 per cent in 2017 were still very strong.