Planning Commission deputy chairman KC Pant has said the projected 8 per cent growth rate for the Tenth Plan (2002-07) is an ambitious but not an unrealistic target.

He was speaking at the India-Asean Business Summit here on Thursday. Emphasising that India is managing a relatively healthy 5.5 per cent growth even in the global economic slowdown, Mr Pant said the country aims to achieve the 8 per cent target through a policy mix of tax reforms, fiscal prudence, labour reforms, evolution of a fully integrated national market, power sector reforms, disinvestment and good governance.

While most of the resources will be raised domestically through enhanced savings, external resources like foreign direct investment will be welcomed, the plan panel chief said.

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He said the government proposes to review all rules, regulations and procedures which impinge on economic activities and remove the irritants.

Simultaneously, we propose to reorient our public expenditure pattern to focus on the rapid creation of physical and social infrastructure, he said.