Indian economy to grow by over 7 per cent this year: PM

V Mohan Narayan
Riyadh, Feb 28 (PTI) Despite the global financial crisis,
India hopes to achieve a GDP growth rate of seven per cent
this year and return to about a nine per cent per annum growth
within two years, Prime Minister Manmohan Singh said on
Sunday.

"We are in the midst of a major social-transformation.
Our economy has grown at an average annual rate of over nine
per cent in the last few years," Singh said while addressing
business leaders at the Council of Saudi Chambers of Commerce
and Industry here.
He said the global economic slowdown notwithstanding,
India hopes to achieve "a growth rate of over seven per cent
in the current financial year" and expects to bounce back to
the "growth level of nine per cent within two years".
India, the world's second fastest growing economy, has a
young and expanding workforce, and a huge market.
Inviting entrepreneurs from Saudi Arabia to invest in his
country, Singh said there is a large scope to explore
investment opportunities in India, which has a "vibrant and
innovative private sector".
India's growth rate was hampered last year by the global
economic crisis and a poor show by monsoon at home, but has
shown signs of recovery riding on a healthy manufacturing
sector growth. (MORE) PTI VMN
SKT


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