Srinagar, Apr 24: ‘The India Book: Growth, Opportunity and Challenges’ expects the domestic demand will foster India’s growth. “Private domestic consumption demand is expected to grow at an average 10 per cent YoY over this decade as compared to an average of 8 per cent over 2005-10,” it says. “The domestic demand for air conditioners and refrigerators is expected to grow more than seven times by 2020. Cellular industry is expected to double its subscription base. Demand for sectors like cement, steel and power are also expected to more than double in this decade given the increased infrastructural focus by the authorities.”
 “Although, the gap between China and India is expected to gradually narrow in case of consumer goods, however this does not seem to be the case for sectors like cement, steel and power.”
 The report expects India to grow at an average of 9.4 per cent in this decade and outpace China by 2015 becoming the fastest growing economy.
 The report compiled by the ICICI Bank’s Global Markets Group was today released jointly by Deputy Chairman, Planning Commission, Dr Montek Singh Ahluwalia and CEO, ICICI Bank Ms Chanda Kochar at New Delhi today.The report reads: India is expected to grow at an average of 9.4 per cent in this decade and will outpace China by 2015 becoming the fastest growing economy.
 “The high growth trajectory of the economy stems from two set of factors viz. Natural factors: includes the gains derived from the demographic dividends; Other enablers: includes productivity enhancement, technological advancement, infrastructural focus and deepening financial markets,” it reads.

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