Country Can Grow 8-9% For 20 years, Says Montek Singh Ahluwalia

Country Can Grow 8-9% For 20 years, Says Montek Singh AhluwaliaPlanning Commission's Deputy Chairman Montek Singh Ahluwalia stated that the country can develop at between 8- 9% for the coming 20 years with an accommodating worldwide environment.

During a UN General Assembly debate on 'State of the World Economy and Finance in 2012', Ahluwalia stated, “In the five years prior to the crisis, the Indian economy grew at an average rate of 9 percent. Following the crisis, it slowed down to an average of just over percent.”

"We believe India has the potential to grow at rates between 8 or 9 per cent for the next twenty years and to do so in an inclusive manner," Ahluwalia added.

Mentioning that there are a lot of challenges, the country has to confront domestically to attain this objective, Ahluwalia stated that it would be greatly assisted if the worldwide atmosphere is helpful, and they are eager to join hands with others to make it so.

Mr. Ahluwalia cited a number of things, which the worldwide community carry out to restore expansion in the developing world.

These consisted of an early contract on the resolution of the sovereign debt trouble in the eurozone and a well operating global financial system channelizing resources in an efficient manner allover the world.

Calling for an early decision of the Doha Development Round to forward a major positive sign to the worldwide community, Mr. Ahluwalia stated, "The economic woes we face today cannot be overcome without the major developed countries taking the lead to stimulate economic growth."

Steps at the national level must be followed by a broader based advance in bettering worldwide supremacy, he said looking for more voice and input for vital nations in the decision making structures of the global financial system.

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