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He may have been criticised the most for the failure of Obama's economic policies, but Larry Summers holds an optimistic view of the Indian economy as far out as in 2040. Summers expects India to be indispensable to the US by then.
Lawrence Summers, Director, White House National Economic Council, said, ?Morgan leaned forward to his audience and said in my experience, based on my long years in the markets, my judgement is that looking forward we can expect that there will be fluctuations.?
That was Summers imitating JP Morgan on what he once said on currency fluctuations. But that said, Summers puts out the ?what India's could be in 2040? - an economy growing exponentially and one opportunity that could be a big miss for the US if it does not partner India.
Summers predicts that in 2040 the discussion would be less about consensus in Washington or Beijing but more about Mumbai. He expects the debate then to be about growing level of consumption and widening middle class. But he warns there would be no guarantees.
?In the end protectionism makes people poorer, makes nation more hostile to one another, reduces opportunity for business and workers and isn?t actually a zero sum game, in fact it's a negative sum game,? he added.
Summers will step down from Obama's administration in November. He says Obama's India visit will be the longest state visit to any nation symbolising his view on India as an indispensible partner.
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