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India is not the new China

The raft of comments and media reports arguing that India is set to become the new engine of global growth following the recent struggles in China were given more fuel earlier this week with the release of GDP data showing that India grew as fast as China in Q2. It would be wrong to read much into this convergence of growth rates, given concerns over the accuracy of the GDP data in both places. But headlines touting India as the new China are certainly overdone.

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