Today, former Prime Minister of India Dr Manmohan Singh said that India can achieve a growth rate of 8-9 % provided there is a “national consensus” on methods to take advantage of globalised world, whose tenure saw the economy registering three years of 9-plus growth rate.
While addressing at FICCI event Dr Singh said “I think that even though many other emerging economies are not doing too well, India has an opportunity to move towards a growth rate of 6-7 % and thereafter to 8 %” .Dr Singh added country is on the path to take advantage of globalisation and engage in trade to finance its imports through exports.
Indian economy was growing at over 9 per cent for three years before it was impacted by the global financial crisis of 2008. The growth rate fell to sub-5 per cent in two consecutive fiscals — 2012-13 and 2013-14.
In the current fiscal, the government estimates the growth to be between 5.4-5.9 per cent.
