New Delhi:
In discussion with Vikram Chandra, Group CEO and Executive Editor, NDTV Group, economist Dr Lawrence Summers is talking about world economy at the 13th Hindustan Times Leadership Summit.
Here are the highlights:
Dr Lawrence Summers- India largest democracy in global industry.
- The world economy has been worse, far worse before.
- We are heading into a period of slower growth.
- Donald Trump isn't going to be the US president and that is really a good thing.
- India is projected over next 5 years to be fastest growing economy in the world.
- I am very optimistic about the capacity of India.
Vikram Chandra- What are the chief concerns of investors coming to India?
Dr Lawrence Summers- Speedy decision making has never been an Indian hallmark. There is still too much of sense in India, that being well-connected is particularly very important in the country. If this can be worked on, nothing like it.
Vikram Chandra- If you were in Janet Yellen's (US Fed Chief) position what would be your major decision?
Dr Lawrence Summers- There is too much concern about austerity.
Vikram Chandra- What is your view on Kyoto Protocol?
Dr Lawrence Summers- Growth of emissions has been from industrial countries and not India. You're right in protesting against it. The climate has gotten warmer and it is not because of India, your Prime Minister is right.
Vikram Chandra10 years ago, you made a comment on whether women are suited for science or not. 10 years later, what are your views on this remark?
Dr Lawrence Summers- I would say that the world needs all the science it can get. Breaking down barriers is very important