If Gross Savings is less than Gross Investment, could we say that investment is being made with borrowed money? For example, gross savings of India in the financial year 2014 - 2015 was $30.2%$ of GDP, while the Gross Investments during this same period was $31.6%$ of GDP.  Can we then conclude investments are being made with borrowed money?

Also, if "Gross Savings" is $30.2%$, can it be said that an average person in India saves about $30.2%$ of his income?
Yes, in particular, the Home country is borrowing from abroad.


In a closed economy, 


$\text{GDP} = C + G + I$. And savings is defined as $S = \text{GDP} - C - G$. And thus, it is necessarily the case that $S = I$. 

Example. In 2015, India produces 10 bananas, each valued at ₹10, for a total value of ₹100. Private consumers consume 4 bananas ($C = ₹40$), government consumes 5 bananas ($G = ₹50$), and 1 banana is stored for consumption in future years ($I = ₹10$). (Bear in mind that additions to inventories, as with this last banana, count as investment.)

$GDP = C + G + I = ₹40 + ₹50 + ₹10 = ₹100$. Total final consumption ($C + G$) was ₹40 + ₹50 = ₹90. Hence, $S = ₹10$. This is a closed economy, so savings must necessarily equal investment. And sure enough, $I = ₹10$. 


In an open economy, it need no longer be the case that $S = I$.


Example. In 2016, India produces 10 bananas, each valued at ₹10, for a total value of ₹100. India also imports 5 bananas ($M = ₹50$). 

Private consumers consume 4 bananas ($C = ₹40$), government consumes 5 bananas ($G = ₹50$), and 6 bananas are stored for consumption in future years ($I = ₹60$). There are no exports ($X = ₹0$).

$GDP = C + G + I + (X - M) = ₹40 + ₹50 + ₹60 + (0 - ₹60)= ₹100$. Total final consumption ($C + G$) was ₹40 + ₹50 = ₹90. Hence, $S = ₹10$. But $I = ₹60$. 

So $S &lt; I$. How is this possible? The reason is that the gap between investment and savings of $I - S = ₹60 - ₹10 = ₹50$ is made up for precisely by imports. So our shortfall in savings (relative to investment) is made up for by borrowing from abroad, in this case through imports.


As for your second question,


Yes, we can say that on average, each Indian saves 30.2% of income. But this average is not necessarily very meaningful. For example it may be that the vast majority of Indians spend all of their income on consumption and it is only a tiny minority of the wealthiest Indians who do the saving.