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Prime Minister Manmohan Singh said on Sunday that India's economy is set to grow above 7% in the next fiscal, media reports said. Speaking at the India Economic Summit of the World Economic Forum, the Prime Minister said he hopes to see a decisive change in the speed of progress in the near future for India to become a leading economy in the world. He added that he would work towards building the required political consensus to complete those legislative actions. Singh noted that like other countries, India also came out with stimulus measures to tackle the economic crisis and added that the stimulus measures would be withdrawn in a phased manner in 2010 as the economy shows signs of recovery. He said the government's medium term goal is to achieve 9% growth rate annually. He said that the economy is estimated to grow 6.5% in the current fiscal.
The Prime Minister said the worst was over for global economy, but the path to recovery was long and uncertain. Hence, he said the government's strategy should be to sustain a high growth rate supported by strong domestic demand. India should seek to achieve this through large increases in infrastructure investment, he said.
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