While India is on track to overtake China as the fastest growing major emerging market in the world this year, the country's finance minister Arun Jaitley says he's not rejoicing yet.
"I'm not unusually excited because I know what China has already achieved. China grew at 9 percent plus for thirty years," Jaitley told CNBC on the sidelines of the Asian Development Bank's annual meeting of its board of governors in Baku, Azerbaijan.
To achieve that, India has to ramp up investment into both rural and urban infrastructure and focus on the development of its manufacturing sector, he said.
"It's only then that we achieve the 9-10 percent growth rate, and once we are able to do it for a decade or so, we can lower poverty rates. It's only then, I'll feel excited about it. Today it's just the beginning of the whole process," he said.