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Indian economy full of potential: Chinese expert

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By NewsGram staff writer

Beijing: The Indian economy is full of potential, but how to ensure real growth will test “the wisdom of leaders,” said Zhao Gancheng, Director of Center for Asia-Pacific Studies, Shanghai Institutes for International Studies, in a state-run daily.

An opinion piece ‘Can India benefit from Chinese economic slowdown? Think twice in the Global Times on September 7 remarked that the Indian Prime Minister Narendra Modi had set his focus on the economy since he took office.

“New Delhi also holds the ambition of replacing China as the new global factory. The slowdown in the Chinese growth rate seems to offer India a good chance to reach the goal,” said the Chinese expert Gancheng.

Zhao claimed that it raises the question of the nature, relevance and interactions of the Chinese and Indian economy.

“Many analysts correctly point out that the two economies started nearly at the same level in 1980s until the early 1990s, when the per capita GDP was almost the same. But in the next two decades, the fast growth of Chinese economy has widened the gap,” reported the opinion piece.

Pointing out the factors that have affected the Indian economy, the article said, “the most important reasons lie in their policy options and domestic development rather than external environment or international factors. Frankly, China confronted a much harsher external situation during the period than India did.”

“The Indian economy is full of potential, and how to build it becomes a real wisdom test for leaders,” it noted. Praising the policies of Gujarat government when the PM was the state chief, the article noted that the state’s rise as a successful economic model was a clear indication of how efficient Modi has been at economic policies. It added that this brought him to the Prime Minister’s office as he showed promise of development and economic reforms.

“China, which developed consistently fast for decades, has reached a new economy level with an annual GDP as high as $10 trillion ($7,594 per capita), compared to India’s more than $2 trillion ($1,631 per capita). Given that accumulation and development, the Chinese economy has entered the ‘new normal’ in which high growth rate turns to a medium rate and the economic restructuring is well underway,” sources claimed.

Zhao said if Indian economy has to make it big, it will have to address some crucial elements in coming years and “the most important ones include the leadership’s policy options and internal interactions, which have so far not presented a very optimistic picture.”

“Although Modi has been devoted to creating an FDI-friendly environment in order to attract more investment, the results have not been as good as expected. Local interests are difficult for the federal government to coordinate and address when implementing relevant policies,” Zhao added.

The opinion piece took note of the view that although the two Asian giants didn’t compete directly, the effect that China imposes on the global economy is likely to influence the Indian economy. In this regard, whether a slowing Chinese economy will really create more opportunities for the Indian economy requires rethinking.

“…if the global economy slows down further as a part of the outcome of the Chinese economic restructuring, it would be difficult to see why a sluggish world economy would help the Indian economy anyway,” sources quipped.

(With inputs from IANS)

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Most Hated Task by Professionals in India is Data Entry: Report

88% Indians believe bots should be used for admin work

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India bots
Eighty-eight per cent of people in India believe that humans shouldn't be carrying out repetitive admin tasks if they can be done by bots. Pixabay

Eighty-eight per cent of people in India believe that humans shouldn’t be carrying out repetitive admin tasks if they can be automated and this could be a better way to make use of technology, a new report said on Tuesday.

The Automation Anywhere — a global leader in Robotic Process Automation (RPA) surveyed more than 10,000 office workers and revealed that on an average they spend more than three hours a day on manual, repetitive computer tasks which are not part of their primary job.

The research, conducted by OnePoll, investigated the time spent on and attitudes towards manual, repetitive digital administration tasks in the modern enterprise.

India bots
Workers in India can focus on higher value tasks if the mundane repetitive tasks can be automated and be completed by bots. Pixabay

“As per the report, the most hated task for Indian professionals is Data Entry. Close to 80 per cent of the participants in India believe that admin work is an obstacle for them to do their main job,” said Milan Sheth, Executive Vice President India, Middle East and Africa, Automation Anywhere.

“Workers can focus on higher value tasks if the mundane repetitive tasks can be automated,” Sheth added.

New data shows that nearly half of workers surveyed who expressed an opinion find digital administration boring (47 per cent) and a poor use of their skills (48 per cent), while the majority say it gets in the way of doing their main job (51 per cent overall, rising to 80 per cent in India) and reduces their overall productivity (64 per cent).

According to the survey, Over half (52 per cent) of millennial respondents felt that they could be more productive if they had less administrative tasks to complete, slightly higher than the average at 48 per cent.

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The study also revealed that nearly half (49 per cent) of those surveyed say that simple digital administrative tasks often prevent them from leaving the office on time, 60 per cent of the Indian participants believe the same, indicating it’s impacting their personal lives. (IANS)