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Business EconomyPosted at: Mar 24 2018 5:48PM


When asked about his views on the Indian economy, Sharma said, “There are like other economies in the world which tend to be very volatile. Whether its Turkey, or even Indonesia, with its massive volatility in terms of how these economies are doing. India, for me, is one of the steadiest stories in the world, which is that the sentiment moves around a lot, the conversation moves around a lot but the underlying trajectory of this economy is quite stable and I think that's again the case.”
Recently, much was made of the fact that India is growing faster than China apparently. Speaking about the same, Sharma said, “I think this is a very basic economic theory that India's per capita level which is what an average person earns is about 2000 dollars. China's is close to about 9000 dollars, right, so nearly five times as far as India is concerned. So, from a higher base, by definition, you will grow more slowly, particularly if you are a large economy. China's per capita income was similar to India's. China was growing at 10 per cent. I think that is the important point.”
“We may be the fastest emerging economy in world but that's nothing to be short change of. I don't want to say that but these comparisons with China. The only people who do these comparisons are Indians themselves”, he added.
He said that 23,000 millionaires have left this country since 2014. To put that number in perspective, that the only country which I think has seen a higher exodus has been China but that's because they have many times more millionaires than we do. As a share of the total millionaires in the country, India has seen the largest exodus of any major nation over the last few years. Last year alone there were 7000 millionaires who left India. I think that tells us a lot of domestic people are leaving the country.
“I find it really scary that in this country and again this is a lot of popular support, you know but if you're caught in some media case which is in the highlights then you can be thrown behind bars without getting bail. I think that's for a long period of time at least. That is something that you don't accept of most democracies” he said.
Talking about the current agrarian distress and about farmers' marches, Sharma said, “I think, there is a reason why our agriculture growth rate should not be higher, because when China was moving its people in a massive way, away from agriculture into the urban areas, they were still able to have an agriculture growth rate of four percent or so.
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