Indian economy is far from doomsday as it is positioned better against the developed countries as well as amongst the BRICS countries, according to American economist Nouriel Roubini.

Dr. Roubini, the chairman of Roubini Global Economics and well-known for foretelling the global financial crisis, said that India could better its BRICS peers as the country had huge demographic dividend provided people are educated and equipped with skills.

The professor explained that India's better position in aspect of the demographic advantage and less dependence on external trade as compared to China would benefit it in the long run.

However, he stressed that India needed to invest in human capital to reap economic gains from its better demographic position in the coming years.

Speaking on the topic, Dr. Roubini, who is also known as 'Dr. Doom', said, "India will have to invest in human capital."

He was speaking at the 44th general assembly of World Trade Centre Association (WTCA) on Wednesday in Mumbai.

Dr. Roubini also stressed on the need of boosting economic reforms, saying that Indian economy slowed down due to the slow pace of the economic reforms, weak infrastructure and bottlenecks on the supply side.