Finance Minister P Chidambaram has said that India and China will drive global growth in the years to come. While addressing students and faculty of the Harvard University yesterday on the “Rise of the East Implications for the Global Economy”, Mr. Chidambaram said, with China growing at 8 to 8.5 per cent and India at 6.1 to 6.7 per cent between 2013 and 2014, both countries will continue to be drivers of the world growth. He said, while China's investment story has been much commented upon, India's is just starting out.
Mr. Chidambaram who is in the US to meet investors and project India's growth story, acknowledged that there is potential for tension within the countries of the East, as they compete for resources and markets. He said that the economic slowdown in the recent years has forced the world to adjust and industrial countries would now have to save more, while emerging markets need to spend more.