India's top banking regulator Raghuram Rajan on Monday said that India still has a long way to go to catch up with China's impressive economic growth, which can be attained only through years of unrestrained growth.

"So yes, we have a long way to catch with the level of per capita GDP, and that means many years of strong, sustainable growth. I want to emphasize here, because a few years of growth will not help," Rajan is quoted saying in Indian media, according to Economic Times.

Like Us on Facebook

Rajan stressed the importance of increasing the country's credit ratio to GDP. He noted that India's credit to GDP ratio is 50 percent while China's is 150 percent. The RBI governor added that if India wants to emulate China's double-digit growth, then it must put systems in place to achieve macro-economic stability.

Raghuram Rajan was speaking at an interactive session at the National Institute of Rural Development and Panchayati Raj.

India and China are considered to have two of the fastest growing economies in the world. However, China's double-digit growth over the past two decades has left its Asian counterpart India lagging behind in most economic indicators.

Many experts have noted that India envies China's economic achievements, which has almost propelled China to 'super power' status. Experts say that most Indians blame India's chaotic democratic process for the country's slow economic growth over the past two decades.  

Although India takes immense pride in being the largest democracy in the world, its chaotic democracy has been blamed for stalling economic reforms and implementing populist economic measures.

TagsIndia, china, India and China, India Economy, Raghuram Rajan