PM pegs economic growth at 9-10% for next fiscal

Prime Minister Manmohan Singh today asserted that the Indian economy would record 8.5% growth during the current fiscal and grow at the rate of 9 to 10% from the next financial year despite the "uncertain" global scenario.

Prime Minister Manmohan Singh on Saturday asserted that the Indian economy would record 8.5% growth during the current fiscal and grow at the rate of 9 to 10% from the next financial year despite the "uncertain" global scenario.

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Addressing the 9th Pravasi Bharatiya Divas in New Delhi, he said a high growth rate was vital to fund ambitious social development schemes. "Despite the uncertain global economic scenario, I am happy that our economic recovery is progressing well," Singh told the congregation of about 1,500 members of the Indian diaspora who have converged here from across the world for the three day annual event.

"In the last two quarters, our growth rate has been 8.9% and we expect that for the entire year, it will be around 8.5%," he said, adding, "We expect that from the next year onwards we will be able to grow at a rate between 9 and 10%."

The Prime Minister told the NRIs and Persons of Indian Origin (PIOs) from 51 countries, including businessmen, economists and scientists, that the Indian diaspora should have deeper engagement in the country's development process. He particularly asked them to share their expertise and experience in improving educational infrastructure in the country.

"We hope to use the wisdom, experience and resources of the global Indian community to develop a world class education system, particularly in higher education," he said.