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India's economy seen growing over 7 per cent in 2009/10: PM

India's economy should grow more than 7 per cent in the fiscal year 2009/10 and return to a 9 per cent annual growth rate in two years, Prime Minister Manmohan Singh said in a prepared speech on Sunday.

business Updated: Feb 28, 2010 15:43 IST

India's economy should grow more than 7 per cent in the fiscal year 2009/10 and return to a 9 per cent annual growth rate in two years, Prime Minister Manmohan Singh said in a prepared speech on Sunday.

"Despite the global economic slowdown, we hope to achieve growth rate of over 7 per cent in the current financial year," Singh said in a speech prepared for a business gathering in Saudi Arabia.

"We expect to get back to the growth level of about 9 per cent per annum within two years," he said.

India's economy grew by 6 per cent in the fourth quarter through December from a year earlier, the government said on Friday.

India's economy grew 6.7 per cent in 2008/09, slower than 9 per cent or more in the previous three years.

Singh is on a visit to build economic ties with top OPEC exporter Saudi Arabia.

"Our domestic saving rates are high and can support investment rates of as high as 38 per cent of our gross domestic product," he said.

Indian investment in Saudi Arabia stands at more than $2 billion, covering 500 joint ventures, and India wants Saudi Arabia to invest in agriculture, energy, construction, manufacturing and pharmaceuticals, he said.

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