The Straits Times
Published on Oct 24, 2012

Indian PM wants 8% growth via domestic demand


NEW DELHI (AFP) - Indian Prime Minister Manmohan Singh has said the country's faltering economy should be able to grow at least eight per cent a year even when global conditions are poor.

The Indian economy expanded at near double-digit rates between 2005 and 2011, but the International Monetary Fund forecasts just 4.9 per cent growth in the current fiscal year.

"We cannot be satisfied with the status quo. Our growth should be maintained at the level of 8 to 8.5 per cent regardless of what happens in the world economy," Mr Singh told senior government officials on Tuesday according to a statement.

"We must learn to swim and swim fast enough whatever be the circumstances," he added.