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China an 'ATM machine' only wants to 'exchange business'
Addressing a gathering of academics, students and UK-based Indian entrepreneurs for the first ever India Day at Oxford University, Indian foreign affairs minister Salman Khurshid described India as a soft nation with reference to the theme of the event, 'India - A political economy for the 21st Century'.

Salman Khurshid who himself is a former Oxford University graduate said, “Sometimes it is said that maybe India is not assertive enough. But a softly-softly approach leads to the desired change, without upheavals. We do not assert ourselves by intruding, dictating or imposing. It is an approach that has worked for us in the region (South Asia) and globally,” reported Economic Times.

In the same event Khurshid compared China with an ATM-machine. “To some extent India's engagement with the world is also dictated by its culture. An important part of our foreign policy is that development partnerships come first. China is much more business-like; an ATM cash-in and leave. India has a longer haul approach," Khurshid added.

Foreign policy experts also agree with the comparison of China with an ATM machine. London-based Yamin Zakaria, who keeps an eye on world affairs told this citizen journalist , “China only offers business - whereas India and Europe offers much more-business and culture. That is true and obvious. China is only interested in exchanging business, nothing else. They (China) are an ATM machine lender to the US now. They are dead like the ATM machine - only exchange money/business. They have huge foreign reserve. And it (China) does not offer culture, ideas, etc.

The India's external affairs minister said that at the time when other economies are struggling the Indian economy is doing a lot better than the rest of the world. He expressed confidence that the growth rate would return to 7 or 8 per cent in a few years.

During the fiscal year 2013-2013, which ended on March 31, 2013 the Indian GDP grew mere at 5%. For this low growth rate Khurshid held the slowdown in European economy as responsible.

It is important to bear in mind that we are still doing a lot better than the rest of the world and one of the main reasons we hit this low range of 5 per cent after almost eight or nine years of 8 per cent is because of Europe, which slowed down so much that we couldn't really export and therefore we had to rely entirely on our own domestic consumption," said Khurshid.

India and China are the two fastest developing Asian economies, which are competing with each other in their search for resources and new markets.

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