File Photo: Subramanian Swamy
Senior BJP leader Subramanian Swamy has said that it is time for the NDA government to convert the current Chinese economic crisis into an opportunity by "doing the right things".
The current financial crisis would have a tremendous impact on the Chinese ambition to emerge as a global superpower and develop Yuan as a viable international currency challenging the monopoly of the US dollar, he said.
"It (Chinese economic crisis) is an opportunity for India," Mr Swamy told news agency PTI.
A former union cabinet minister, Mr Swamy had predicted earlier that the Chinese economy would collapse by 2020. "I see that it is happening five years earlier," he said.
"I think it is structural failure which is taking place in China. The whole Chinese economic system is not an indigenous system," said Mr Swamy, who is currently on a US tour giving speeches in various cities across the country. "We are in a stronger position to overtake China, if it does the right thing," he said.
Noting that it will take a long time for China to recover from this economic crisis, Mr Swamy said it is time for India to get ahead of its northern neighbour by taking the necessary steps.
Mr Swamy said that PM Modi needs to have a brain storming session with people within the party, who would give him the correct advice. He also urged the government to lower the interest rate to 9 per cent.
One of the immediate casualty of this financial crisis is that China would have to "give up" its game of replacing US dollar with Yuan as an international trading currency, he said.
Mr Swamy said "India should take pride in the fact that it has a "much much better" financial system and New Delhi has to build further on it.