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Manmohan Singh predicts 8% growth

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Congress president Sonia Gandhi, vice president Rahul Gandhi with party leaders Karan Singh, Ghulam Nabi Azad and Mallikarjun Kharge call on former Prime Minister Manmohan Singh and his wife Gursharan Kaur to congratulate on receiving Japan's Grand Cordon of the Paulownia Flowers award in New Delhi (File)

 

Congress president Sonia Gandhi, vice president Rahul Gandhi with party leaders Karan Singh, Ghulam Nabi Azad and Mallikarjun Kharge call on former Prime Minister Manmohan Singh and his wife Gursharan Kaur to congratulate on receiving Japan's Grand Cordon of the Paulownia Flowers award in New Delhi
Congress president Sonia Gandhi, vice president Rahul Gandhi with party leaders Karan Singh, Ghulam Nabi Azad and Mallikarjun Kharge call on former Prime Minister Manmohan Singh and his wife Gursharan Kaur to congratulate on receiving Japan’s Grand Cordon of the Paulownia Flowers award in New Delhi

Former prime minister Manmohan Singh said India can achieve a growth rate of 8-9 percent given a ‘national consensus’ on methods to take advantage of a globalised world.

“I think that even though many other emerging economies are not doing too well, India has an opportunity to move towards a growth rate of 6-7 percent and thereafter to 8 percent,” he said.

Singh was addressing an event organised by the Federation of Indian Chambers of Commerce and Industry.

During his prime ministership, the economy clocked three years of 9 percent growth rate.

He pointed out that the country cannot grow in isolation. “India is well placed to take advantage of this situation provided we evolve a meaningful national consensus to move ahead,” he said.

“We are working towards a growth rate of 8-9 percent. There are opportunities, there are risks. India is currently at last poised to create a milieu in which the growth story of India can be another worthwhile chapter in the evolving global economies,” Singh added.

In the current financial year 2014-15, the government estimates the growth to be between 5.4-5.9 percent.