Home Economy India to grow 8.5 percent next fiscal: Manmohan Singh

India to grow 8.5 percent next fiscal: Manmohan Singh


New Delhi : The Indian economy will grow at 8.5 percent during the next fiscal, even as the government will do everything possible to ensure a mid-term target of 10 percent annual expansion, Prime Minister Manmohan Singh said Tuesday.

“Despite adverse global situation, the Indian economy grew by 6.7 percent during fiscal 2008-09, which will accelerate to 7.2 percent this fiscal that ends in a few days time,” the prime minister told a conference organised by the Planning Commission.

“We expect a growth of 8.5 percent in 2010-11 and I do hope we can achieve 9 percent in 2011-12,” he said, adding: “But we need to do even better. A 10 percent 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.