Two Indian strategists want China bulls to remember what a crafty villain said in an old Hindi movie: “Har badi kaamyabi ke peeche koi gunaah chhupa hai…” (Behind every great success, lies hidden a great crime).
The great crime in question is a $22-trillion debt timebomb, First Global’s Shankar Sharma & Devina Mehra argue in Business Standard.
They say all India has to do to pass China is avoid overspending:
The bullets China has in order to emerge from this rock-and-a-hard-place situation are few, if any at all. China is indeed riding the tiger. In contrast, India’s is the Toyota Prius of growth models. India should simply avoid the trap of excessive public spending on infrastructure. That’s where almost every country in Asia, including Japan in the nineties to China and Dubai now, has run into problems. India’s growth model is infinitely more robust and time will prove this to a world bedazzled by China.