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India to grow at 7-8 percent
By agencies
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Friday, 18 March 2005, 20:30 IST
NEW DELHI: A wider US trade and fiscal gap is now a greater concern for economies like India, which is resilient enough to absorb global oil price shocks and move on to a higher growth path of 7-8 percent in coming years.
Addressing US investors, Economic Affairs Secretary Rakesh Mohan also outlined the governments commitment to reforms so that country's per capita doubles in 10 years.
"People have just started appreciating India for its 6 per cent average growth in last 25 years as against 3.5 per cent in previous 25 years. Hopefully, it will increase to 6.5-7 or even 8 percent in years to come," he said. in a event organized by India Brand Equity Foundation and CII at Asia Society, New York..
With population growth coming down, Mohan said, "even if we continue with present growth, we will have a per capita growth of 4.5-5 percent. India's per capita now at $700 is fast nearing $1,000-mark. It is expected to double in 10 years if economic growth ratchets up to 8 percent."