India to overtake China in terms of sustainable growth: Reliance

India to overtake China in terms of sustainable growth: Reliance

Frankfurt (Platts)--6Jun2005


India will overtake China in terms of economic growth, and the two together
will invest into the western countries in the future, said Nikhil Meswani,
executive director of India's Reliance Industries, Monday at a Euroforum
conference in Frankfurt. "The 21st century will belong to 'Chindia' and will
cooperate to perform miracles for the world," he said. 

China's economic growth is currently 3% higher than India. But if one was
interested in sustaining bottom line growth, "India is the way forward," he
said. On RIL ambition to be the largest and best petrochemical company in the
world, Meswani said it had been unthinkable only a few years ago for a
third-world country to buy a German chemicals company. RIL bought German
Trevira in August 2004, its first overseas investment, after which Trevira
begin exporting specialty chemicals to Brazil, India and other countries,
something that did not happen prior to being sold to RIL. RIL also increased
the exports to China by $700-mil in 2001-2004. "But growth like that will be
hard to sustain," Meswani said.

This story was originally published in Platts Petrochemical Alert
http://petrochemcialalert.platts.com

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