Former prime minister Manmohan Singh on Friday said India is well-placed to take on the challenges and achieve a GDP growth rate of 8-9%, provided there is a “national consensus” on ways to take advantage of opportunities in a globalised world.
“I think that even though many other emerging economies are not doing too well, India has an opportunity to move towards a growth rate of 6-7% and thereafter to 8%,” said Singh, whose tenure saw the economy recording three years of 9%-plus growth.
Speaking at the Bharat Ram Memorial Lecture organised by Ficci, he said a meaningful solution to the country’s problems of ignorance, poverty and diseases can be only be found in the framework of rapidly expanding economy.
India needs a growth rate of 8-9% in the midst of a turbulent global economy to create 10-12 million jobs yearly in the country to conquer unemployment, he said.
Barring India, other emerging market economies such as Russia, Brazil and South Africa are not doing well, Singh said.
“We are working towards a growth rate of 8-9%. There are opportunities, there are risks. India is currently at least poised to create a milieu in which the growth story of India can be another worthwhile chapter in the evolving global economies,” he said.
The Indian economy was clocking more than 9% growth rate for three years before it was hit by the global financial crisis in 2008. In 2012-13 and 2013-14, growth rate had fallen to below 5%. The government expects growth in the current fiscal to be 5.4-5.9%.