China – India relations will hopefully take a turn for the better post two high-profile visits to New Delhi this month. International Monetary Fund Managing Director, Ms Christine Lagarde, will visit New Delhi on March 19-20 to meet senior Government officials. Nine days later, President Hu Jintao, will attend the BRICS meeting on March 28 and 29 in New Delhi.
The two meetings are expected to renew the spirit of Indian growth, bolster confidence in the Indian economy and give momentum to global growth. While Ms. Lagarde will attend the two-day conference on ‘China and India—Sustaining High Quality Growth’, President Hu’s visit, which would be his last as President of China, is expected to increase exchanges and drive bilateral trade closer towards the US$100 billion goal by 2015.
Being co-hosted by the China Society for Finance and Banking, and the Indian Council for Research on International Economic Relations, ‘China and India—Sustaining High Quality Growth’ will bring together policy makers, leading academics and private sector representatives, providing an opportunity to discuss the growth successes of China and India, the world body said.
Meanwhile, even though the BRICS economies have been known to be as different as chalk and cheese, their only similarity being that they are all still developing nations on many fronts, the meeting is expected to bring some policy changes and order to propel the currently sluggish economy from sinking further. In the backdrop of the BRICS economies playing a greater role in international business, it is the need of the hour for them to stand together, create policies that will benefit the world at large and adapt strategies that will salvage the global economy from its doldrums. This meeting of the BRICS nations will be crucial in streamlining these policies, and defining roles for each member to set the international economy back on track.
While China has moved leagues ahead of India on almost all measurable accounts, India’s economy is one the world is looking to for sustained, long-term growth. Regardless of the faltering state of the government, corruption ridden scandals, red-tapism and the lethargic pace of development India’s GDP has been consistently rising. The robust economy, hasn’t been too badly affected by the European crisis and her financial markets are still secure. While India’s budget is awaited at the end of this month to gain the final financials on her real strength, she is still a market most investors, including the Chinese are willing to bet on. Hopefully, this show of international power will prove to be the turning point in India’s growth story.