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India catching up with China?

business Updated: Jul 15, 2010 21:57 IST
HT Correspondent
HT Correspondent
Hindustan Times
Highlight Story

India's growth rate may soon catch up with that of China.

The Indian economy would grow by 9.4 per cent in 2010 buoyed by conducive financing and healthy profits of corporations that go ahead with their planned expansions, the International Monetary Fund (IMF) said in its projections last week.

Double-digit growth, which the government hopes to achieve in the next four years, appears a distinct possibility.

India, along with China — projected to grow by 10.5 per cent in 2010 — will become a joint engine for the global economy.

India's economy grew 7.4 per cent during 2009-10, aided by a sharp rebound in industry and services and a better-than-expected farm output.

Growth had slowed to 6.7 per cent in 2008-09 after growing at 9 per cent for four straight years before a financial crisis in the US roiled the global economy.