It remains to be seen what role India will play in Build Back Better World since it has been a strong opponent of BRI, which is designed by China to establish strategic dominance in trade, foreign policy and geopolitics.
India offers the best opportunity in terms of a huge domestic market and factor endowments. However, we need to create a competitive labour-intensive manufacturing sector which will cater to both domestic demand and the export market.
China is the second-biggest economy in the world. Any slip in its growth — the conservative estimate is 0.5 per cent as of now — would affect the global economy. The impact of coronavirus would be much more through trade routes and the shock to the global value chain.
The world economy is on the edge of a recession that can affect the standard of life of billions of people through jobs, wages, price stability and uncertainty. So who is going to save the world economy?