Fuel Price Hikes Unlikely Damp India's Diesel Demand For Long

Apart from China, India has been viewed as another key economic growth driver. At a conference earlier this week, US Treasury Secretary Timothy Geithner said the country is the 'model for how to produce broad-based economic growth, with a balanced growth in an equitable free market system'. Indeed, although GDP growth slowed to +7.8% in 1Q11 from +8.3% in the prior quarter and +8.5% in the last fiscal year, the country remained confident about the long-term outlook. The finance ministry's top economist Kaushik Basu has recently forecast that growth in India may overtake China in 2-3 years.

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Fuel Price Hikes Unlikely Damp India's Diesel Demand For Long