India needs to be innovative to grow at over 8% for decades: Jayant Sinha

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Published: December 12, 2015 6:15:39 AM

Jayant Sinha said India's economic history shows that India recorded over 8 per cent for few years.

India needs to transform itself into an innovative and entrepreneurial economy for achieving and sustaining over 8 per cent growth for decades, Minister of State for Finance Jayant Sinha said on Friday.

“China’s grew at 9 per cent for 30 years. So, we have to be able to grow our economy at 8 per cent for decades. We have to have a sustainable, robust growth,” he said at the Telenor National Sustainable Conference.

Sinha said India’s economic history shows that India recorded over 8 per cent for few years.

“For us to enable India to sustain growth, to be able to serve the poor and ensure our market flourishes, we have to be able to sustain high economic growth rates for long period of time,” he said.

To sustain the growth momentum, the country has to transform itself into an innovative and entrepreneurial economy.

“We have to make India innovative and entrepreneurial economy. To sustain growth, India has to become innovation hub, the entrepreneurial engine…,” he said.

Indian economy grew by 7.3 per cent last fiscal. In the first half of current fiscal, GDP grew at 7.2 per cent compared to 7.5 per cent in same period of of 2014-15.

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