India is much better than you think

NEW DELHI: It seems the Chinese media is tamping down its recent war-mongering against India over the Doklam standoff. An article published in state-owned Global Times not only praises Indian economic and business conditions but also cautions Chinese companies against stereotyping India as a backward country.

The article says that the Chinese learn about India’s economic development only via media reports which offer a limited understanding of the country.

“Many Chinese people think that India is a highly populated poor country characterized by diverse cultures, with frequent power cuts and a weak industrial base that is far inferior to China’s. That picture is true, to some extent, but it’s only a partial picture,” the article says.

The number of rich people in India is much bigger than many Chinese imagine, it says. Citing the 2017 ranking of the world’s richest people by the Hurun Report, it says India has 100 billionaires, the fourth-highest number of super rich in the world.

It says India’s development model encourages entreprise and innovation which can ultimately impact governance too.

“Compared with China’s government-led market development model, India’s federal government is slow to reach decisions. Yet, India’s development model allows innovative entrepreneurs to change the market from the bottom up. Companies that grow big in the domestic market can go out to compete in the world and become driving forces for the country’s economic growth. As the market can offset flaws in governance, India’s entrepreneurship can compensate for its political deficiencies,” the article says.

It has a piece of advice for the Chinese companies that plan to invest in India— know India better. “In addition to learning from the media, Chinese companies with plans to invest in India need to have a better understanding of the country from more sources, which may provide more data points for their investment decisions,” the article says.

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