India economy set to grow 8.5% in 2010-11: PM

India economy set to grow 8.5% in 2010-11: PM

Seoul: India’s economy is expected to grow 8.5% in the current year and 9% in 2010/11, Prime Minister Manmohan Singh said on Friday.

“However, high unemployment in industrialised countries threatens a revival of protectionist sentiment, especially since the use of conventional monetary and fiscal tools to revive the economy has been exhausted," he said in a speech at the plenary session of the G-20 summit in Seoul.

India’s economy grew 9% in each of the four years prior to the economic crisis but slowed to 6.7% growth in 2008-09.

“Uncertainty about the prospects of inudstrialised countries affects the investment climate and dampens the medium-term growtn prospects of emerging market countries," Singh said.

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