India needs 13 years of growth to match China: Montek
10 Jan 2011
India will have to sustain its current growth rate of 8.5 per cent over a period of 13 years to match China's per capita income, according to Planning Commission deputy chairman Montek Singh Ahluwalia.
Pointing out that India and China are both emerging superpowers, Ahluwalia said that the two neighbours should stop competing with each other and instead concentrate on their own economic development.
''India must sustain its growth over the next 20 to 25 years and establish its own economic identity. For this, India must follow and, if need be, accelerate policies to maintain its growth,'' Ahluwalia said at a lecture organised by CII and the Lee Kuan Yew School of Public Policy, Singapore on Saturday evening.
Dean of the Lee Kuan Yew School of Public Policy Kishore Mahbubani said at the event that while India and China are culturally very similar, India could become an instrument for western countries to try and thwart China's rise as an economic superpower.
Later at another event in the city, Ahluwalia sought to dispel the impression that India was after NRI funds – even as state chief ministers seek their investment in key infrastructure and social sectors.
''I think we can get rid of the notion that we are connecting with the NRIs (non-resident Indians) because we want investment ... we are not reaching out to NRIs because we need money," Ahluwalia said. ''At least 95 per cent of investments in the country is domestic.''
