India must try for 9-9.5% growth: Montek
Planning Commission chief says this will help India to hits for sure the targeted GDP growth of 8.5% in the 11th plan period.india Updated: Aug 11, 2006 23:16 IST
Deputy Chairman of Planning Commission Montek Singh Ahluwalia on Friday said India must try for a nine to 9.5 per cent growth, so that it hits for sure the targeted GDP growth of 8.5 per cent in the 11th plan period starting next year.
However, the growth has to be an 'inclusive' one, as the growth requires to be aimed at bringing welfare to one and all, he said while speaking at the 44th convocation of the Indian Institute of Technology (IIT) Mumbai.
Making an obvious comparison to China, Ahluwalia said the story of India and China could not be the same, taking the political set up of the two countries into consideration.
"China is growing at 9.5 per cent for the last 25 years. Indian story cannot be the same given the democratic set up of the country," he added.
"On the move, India has to target 9 to 9.5 per cent growth in order to achieve the 8.5 per cent growth compared to 7.5 per cent in the 10th plan period," he said.
Emphasising on the need for technology upgradation to fuel the growth trajectory, he said India has to stop importing technology, instead has to develop it indigenously.
"Functioning in a protected market, Indian companies had given limited attention to technology, but in the competitive regime, it has to embrace technology," he said.