China released the first “India’s National Conditions Blue Book (2011-2012)” was released in Beijing on the 10th May, the report said India’s economic development had great potential and broad development prospects, the strength of the future should not be underestimated, but many obstacles are yet to be cleared to release potential.
“India Blue Book” was jointly issued by the Yunnan University and the Social Sciences Academic Press, the Blue Book noted that since the implementation of a comprehensive economic reform in 1991, India’s economic development has made remarkable achievements, economic growth was accelerated which improved the comprehensive economic strength contributing to the “India’s rise” incredible “India world office” and so on. But many contradictions under the high-growth aura are covered up such as the problems of poverty, uneven development, irrational industrial structure, the fiscal deficit which remains high and many other problems. The economic reform of India is facing many challenges, the future economic development road will not be smooth for India.
The Blue Book, said during 2011-2012, India suffered the most serious growth dilemma in the past nine years. Macroeconomic instability, economic growth slowing down as the quarterly GDP growth rate continued to decline, the annual growth rate was only 6.9% and ect. Decline in the rate of economic growth, continued inflation growth and the continuous depreciation of the rupee, high foreign trade deficit were also witnessed.
The Blue Book used the Chinese phrase “more difficulties make the country more prosperous (多难兴邦)” summarizing the rise in India and the sufferings that were faced by India during 2011-2012. At the same time, India is still one of the fastest growing economies in the world’s emerging economies.