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India can grow by 10%: ADB
By agencies
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Friday, 10 March 2006, 20:30 IST
NEW DELHI: The Asian Development Bank (ADB) has said that India can sustain 8 percent economic growth.
It however asked the Government to improve infrastructure and carry forward reforms to attain a higher growth of 9-10 percent.
"Eight percent growth is sustainable in the coming five years or more. If infrastructure is improved and economic reforms are continued, the rate of growth can be accelerated to 9-10 percent," said ADB president, Haruhiko Kuroda.
Considering India's high growth prospects and greater funding requirement, ADB is planning to raise $300-400 million from the domestic bond market and step up lending to the country.
Kuroda said ADB's assistance to India will be about $2.25 billion in 2005-06, which will go up to $2.45 billion next fiscal and further to $2.65 billion in 2007-08.
Stressing on infrastructure sector, he said ADB would focus on three major sectors - transport, power and water.