Speaking at the ninth V Narayanan Memorial lecture at Sastra University Srinivas Ramanujan Centre here, he said the growth rates shot up in 1960-70s and picked up in 1990s.
The reforms are to be carried gradually in large diverisifed highly democratic country and to bring changes it takes time.
In 2000s in five year period it went up to 9 per cent. In 2008 financial crisis crept in and the growth rate came to 6 per cent and in 2009 it went to 9 per cent and then to 9.3 per cent.
In 2011, growth rate again went down to 6.2 per cent and in 2012-13 to 5 per cent.
"We have become globally integrated and we can't do for India independently. The problem consists of one third from domestic factors and two-third from global factors," he said.
The global economy was turning around and in 2014 it will be better. Post election who ever in power the growth rate will be 7.5-8 per cent, he said.