New Delhi: India, the fastest growing major world economy after China, can sustain growth rates of 9-10%, Prime Minister Manmohan Singh
said while inaugurating the Fortune Global Forum, here, on Monday. “This acceleration of economic growth over the past two decades has been driven by rising investment and saving rates and by rising domestic consumption,” he said. The central bank expects the economy to grow at 8.5% in the fiscal year ending 31 March, following on from an average 8.6% each year since 2003. The $906 billion (Rs35.7 trillion) economy is Asia’s third biggest, after Japan and China. India, which will seek to reform its systems for better economic efficiency, will seek greater integration with the world economy, Singh said.
Better economic efficiency: (left) Chairman and CEO of Time Warner Inc. Richard D. Parsons and Prime Minister Manmohan Singh at the Fortune Global Forum in New Delhi on Monday.
The Prime Minister said the signals from the rise in overseas investments in the stock markets were positive. He added that the nation needed $450 billion of investment in infrastructure in five years.