From parity in 1980, China's economy has outgrown India's fivefold to $10 trillion

The RBI cut the rate several times last year to reduce it by 125 basis points to the current 6.75 percent.

India should not loosen its fiscal deficit targets in the forthcoming budget, Prime Minister Narendra Modi's top economic adviser Arvind Panagariya said.

IMF MD Christine Lagarde hailed the government's latest Budget.