News: 'India not targetting to overtake China'
(PTI 20/04/2006) Washington - India is not setting targets to overtake the growth rates of countries like China but is instead exploring the scope for accelerating its own economy, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia has said.
".... we are not setting a target in terms of overtaking growth rates. China's performance in the last two or three decades has really been quite remarkable and it has had a very good impact on India in terms of benchmarking our own performance," Ahluwalia told reporters yesterday at a media forum at The Energy Daily, a breakfast event cosponsored by BP America.
"The bottom line is that China has been growing at over nine per cent for about three decades; and this has led to a very strong perception in India that we ought to look in our own policy and see how can we get rid of the constraints on the assumption being that being broadly similar economies... we should be able to achieve these kinds of growth rates", he said.
Ahluwalia, who is on a three day visit here, said the economic performance of the People’s Republic of China has raised the bar of expectations as far as India was concerned.
"But what we are looking at is the scope for acceleration in India. The argument about overtaking China's growth rates... it is really based on the assumption that China is likely to slow down having done a fantastic three decade run at about 9.6 per cent. Quite honestly we are not targetting at 9.6 per cent growth," he told reporters at The Energy Daily.
"We are targetting an average which should be above 8 per cent. It is possible as some people say that China having reached a certain stage will now begin to slow down a little and if that slowdown happens then our growth rate may be higher than China's.
"But China's per capita income is much higher than India's and so nowhere in our targetting are we setting the objective either to overtake China growth rate or overtake China's per capita income...," Ahluwalia said.
At the interaction with journalists, Ahluwalia presented the broad economic and energy picture of India and in his assessment energy is going to play a pivotal role in the acceleration of Indian economy.
India, Ahluwalia pointed out, would need to concentrate on infrastructure, agriculture, health and education.
".... we are not setting a target in terms of overtaking growth rates. China's performance in the last two or three decades has really been quite remarkable and it has had a very good impact on India in terms of benchmarking our own performance," Ahluwalia told reporters yesterday at a media forum at The Energy Daily, a breakfast event cosponsored by BP America.
"The bottom line is that China has been growing at over nine per cent for about three decades; and this has led to a very strong perception in India that we ought to look in our own policy and see how can we get rid of the constraints on the assumption being that being broadly similar economies... we should be able to achieve these kinds of growth rates", he said.
Ahluwalia, who is on a three day visit here, said the economic performance of the People’s Republic of China has raised the bar of expectations as far as India was concerned.
"But what we are looking at is the scope for acceleration in India. The argument about overtaking China's growth rates... it is really based on the assumption that China is likely to slow down having done a fantastic three decade run at about 9.6 per cent. Quite honestly we are not targetting at 9.6 per cent growth," he told reporters at The Energy Daily.
"We are targetting an average which should be above 8 per cent. It is possible as some people say that China having reached a certain stage will now begin to slow down a little and if that slowdown happens then our growth rate may be higher than China's.
"But China's per capita income is much higher than India's and so nowhere in our targetting are we setting the objective either to overtake China growth rate or overtake China's per capita income...," Ahluwalia said.
At the interaction with journalists, Ahluwalia presented the broad economic and energy picture of India and in his assessment energy is going to play a pivotal role in the acceleration of Indian economy.
India, Ahluwalia pointed out, would need to concentrate on infrastructure, agriculture, health and education.
posted by InCar Group Press Room at 12:22
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