Deputy Chairman of Planning Commission, Montek Singh Ahluwalia said that India has to attain its objective of 9 percent GDP growth within the next five year regardless of economic slowdown.

While addressing the convocation function of Indian Institute of Management, Ahmedabad (IIM-A), he said, “We are well set to achieve the target of nine per cent growth rate in the next five years.”

"There is a talk in newspapers about slowdown of our economy. There is a slowdown, but India seems poised to have sustained growth for a long period," he said.

Ahluwalia stated that the IIM-A graduates that they are passing out of the top B-schools at a time when India is rising quickly.

He said more advanced technical education institutions have the need to uphold the country's economic development.

Ahluwalia also told that the Centre had also announced the establishment of new IIMs and IITs, which is really a good step forward.

"These institutes should be set up as fast as possible." Ahluwalia said it also required to guarantee growth of subsisting higher educational institutes.

The Centre has made an evaluation committee to inspect the performance of IIMs, and it would be a good chance for these institutions to obtain what they wish for, he said.

On government’s role in present circumstances, he said, It is sometimes said the economic reforms have reduced the role of government. But it is not the case. The role of the government has not been reduced but transformed. It is good the government is not running business which private parties can do."

"Government has now become a growth facilitator. It has to look after social development and infrastructure."