India yet to overtake China GDP, but we'll beat them soon: Arun Jaitley

BHOPAL: Union finance minister Arun Jaitley on Saturday said it was "not right" to say the Indian economy had overtaken China even though Central Statistics Office (CSO) numbers showed 7.5% GDP for January-March 2015 quarter. In comparison, China recorded 7% growth rate for the same period.
"China recorded 9% growth for 33 years while the Indian growth story has just started," Jaitley told newsmen in Bhopal."China says its growth rate has now normalised at 7%. International experts say it is 6.5%. But as China stabilises around 7%, the Union government's priorities are to draw foreign investments and raise growth rate," he said, adding that the priority for India is to beat China in the growth story.
Jaitley said that even as the manufacturing sector had achieved a growth rate of more than 7%, the agricultural sector did not do that well due to erratic monsoon. "Now, the Union government will have to invest not only in infrastructure, but also irrigation facilities so that agriculture is not dependent on monsoon," he said, adding that the Centre would take a few lessons from MP where agriculture had recorded a 24% growth.
The minister disputed the figures released by the Congress - which claimed there was a slump in agricultural and industrial production - saying: "Statistics is the only area of manufacturing where the Congress seems to be moving ahead these days."
Jaitley inaugurated a new banknote paper line and security printing press in Hoshangabad district where for the first time the country would be manufacturing its own paper to print currency.