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India will overtake China in economic growth earlier than expected...perhaps, by 2014, report media, quoting the Chief Economic advisor to the Finance Ministry, Kaushik Basu on Monday. He said that India growing more than China was visible and not impossible but would take five years.
Ruling out need for either monetary-tightening or hiking of interest rates, he said that the government was yet to decide on withdrawing fiscal incentives. He said that the country would grow above 7.5% this fiscal and 9% in the next fiscal. Basu was optimistic that the large young Indian population would help the country to raise the savings rate to 40% from the current 38%, thus encouraging growth. This high rate of savings would boost a period of sustained economic growth.
He said that the inflation was a sector-specific feature, and could be controlled within a few months. He added the country overcame the impact of last two years' global crisis comparatively easily.
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