China’s economy is projected to grow at 6.3 per cent in 2016, its slowest growth in 25 years. A slowing China has far less appetite for oil and other commodities. This has adversely affected a number of emerging economies.
The world economy is likely to see more turbulent days ahead. If foreign investors and foreign markets are going to be staggered, India will have little to gain by going after them.
Instead, the country’s policymakers should turn their attention inward, devising strategies to unleash domestic markets and entrepreneurship in this large and diverse nation.