India to replace China as the fastest growing economy: Ambani

India will surpass China as the world's fastest growing economy in the next 2-3 years, and the fall in global oil prices at this juncture is a "gift" for the country's growth prospects, top industrialist Mukesh Ambani has said.

"We will be the fastest growing economy in the world in the next 2-3 years. We will exceed China's growth rate in next 2-3 years. We will be the fastest growing economy in the world in 2016-2017 and 2017-2018," the Reliance Industries Chairman said at an event organised by Brown University here last evening. Ambani further said that 2014 is a landmark year for the country.

"I think the people of India have spoken after really 30 years. I have in business for now almost 30-35 years and we have got a majority (government) now... I have been saying this consistently that 2014 is a lucky year for India." Referring to the recent fall in crude oil prices, Ambani said, "...we are now on the horizon of $60-70, that is really a gift.... If this continues for two years, it's a gift".

He recalled that oil prices had shot up from  $20/barrel to $140 during 2004 to 2014.

Recently, Paris-based think tank had said that India is the "only major economy" that is projected to see a pick up in growth momentum whereas mixed trends are predicted for the developed world.

Before that, the International Monetary Fund and the World Bank projected 5.6 per cent growth rate for India this year, citing renewed confidence in the market due to a series of economic reforms pursued by the new government.