The economy of India is regarded as one of the safest for investments and trade. Besides the IT boom the country is also taking huge steps to become a manufacturing hub for which a policy is under consideration with the planning commission.

India's Union Finance Minister Pranab Mukherjee, recently made a statement in this fiscal the government will be passing 8.5 percent growth rate if some `luck' supports them.

At the 101st Annual General Meeting of the Bharat Chamber of Commerce he was of the view that Chief Economic Advisor to the Finance Ministry Kaushik Basu at the time of drafting the economy survey for 10-11 had predicted a growth rate of 8.5%. Pranab Mukherjee further added with some `luck' these levels could be attained.

India's growth rate in the first 2 quarters was at 8.9% which as an unbelievable achievement if compared to the 5.5 percent levels in 2008-09. Mid-year analysis of the government projects the economy to grow by 9 percent by the next fiscal year.

The FM further added tough at present India might have survived a crisis and was the second fastest in growth after China, it still had some major challenges before it could enter the growth phase in double digits.