India eyes double-digit economic growth by 2013
Madrid: The Indian economy, Asia`s largest after Japan and China, is accelerating and could reach double-digit growth by 2013, Indian Trade Minister Anand Sharma said Monday during a visit to Spain.
"We hope to grow at a rate of between 8.5 percent to 9.0 percent this year and we are optimistic, rather confident, that we will take India`s growth to double digits in the next two years, by 2013," he told a business conference in Madrid.
"We need to do that because we are a country of paradoxes. We have the largest middle class perhaps in the world, equal to the population of all of Europe put together, and at the same time we are also home to a large number of poor people."
Indian economic growth has taken off since the country of some 1.2 billion people began liberalising its economy in the early 1990s by reducing controls on foreign trade and investment.
While the country`s economic expansion slowed to 6.5 percent in 2008-2009 fiscal year after averaging 9.0 percent growth in the four previous years, the growth stood in contrast to the retrenchment seen in many developed countries.
India escaped the brunt of the global financial crisis as rising incomes boosted domestic demand for cars, mobile telephones and other consumer durables even as exports fell.
"When the world was melting, India still stood its ground," said Rajan Bharti Mittal, the managing director of Bharti Enterprises, an Indian conglomerate that also owns the country`s largest cellphone company.
The International Monetary Fund predicts the Indian economy will grow by 8.75 percent in 2010 and by 8.5 percent in 2011.
More from India
More from World
More from Sports
More from Entertaiment
- Will Akhilesh-Rahul alliance be able to trump BJP in UP elections?
- Arms case: Salman Khan acquitted by Jodhpur court
- DNA: Analysis of insensitivity shown by political leaders over rising poverty in India
- Raisina Dialogue 2017: Pakistan must walk away from terror, says PM Modi
- Valour of a soldier: CRPF officer Satwant Singh fights Naxals till his last breath
- World's 30 most dynamic cities: Check out the full list
- WATCH: Kieron Pollard's incredible one-handed six demoralises Fawad Ahmed
- China State TV said that its troops can reach New Delhi in 48 hours in war scenario; Indians slay it with their replies
- China's NSG stand is neither fair nor transparent, says Defence Expert
- Bengaluru pips Silicon Valley to become world's most dynamic city