The Indian economy will grow at 8.5 per cent during the next fiscal, even as the government will do everything possible to ensure a mid-term target of 10 per cent annual expansion, Prime Minister Manmohan Singh said on Tuesday.
The Indian economy will grow at 8.5 per cent during the next fiscal, even as the government will do everything possible to ensure a mid-term target of 10 per cent annual expansion, Prime Minister Manmohan Singh said on Tuesday.
"Despite adverse global situation, the Indian economy grew by 6.7 per cent during fiscal 2008-09, which will accelerate to 7.2 per cent this fiscal that ends in a few days time," the prime minister told a conference organised by the Planning Commission.
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"We expect a growth of 8.5 per cent in 2010-11 and I do hope we can achieve 9 per cent in 2011-12," he said, adding: "But we need to do even better. A 10 per cent per annum target is what we should work towards."
Manmohan Singh, who is also the chairman of Planning Commission, said while a double-digit growth looked ambitious, it was not impossible and was something that had indeed been achieved by some emerging economies.
"For this we will make continued improvements in our policy regime and procedures," the prime minister told the conference, primarily to deliberate on Building Infrastructure: Challenges and Opportunities.
Finance Minister Pranab Mukherjee, Agriculture Minister Sharad Pawar, Road Transport and Highways Minister Kamal Nath, Power Minister Sushil Kumar Shinde and Planning Commission Deputy Chairman were among those who attended the conference.
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