India growth to last decades: Reserve Bank of Australia
China and India could yet see decades more of strong growth, the Reserve Bank of Australia's governor Glenn Stevens said on Wednesday.
Answering a question about the sustainability of the mining boom which has bolstered the Australian economy, Stevens said that growth from emerging markets was likely to be durable.
"The Indian and Chinese emergence have a long way to go, quite possibly decades, not just years," Stevens said.
However he warned that all booms end at some point and stressed the need for prudence as well as the need to keep the economy as flexible as possible.
Stevens was answering questions after a speech at a business lunch at a hotel in London.
The RBA is the most aggressive central bank among developed nations, having raised interest rates by a total of 175 basis points between October 2009 and November 2010 as it sought to remove stimulus after the global financial crisis.