India’s prime minister struck a downbeat note on the challenges facing the economy on Thursday, dubbing a five-year plan for average growth of 8 percent “ambitious” and warning that business-as-usual policies won’t deliver higher growth.
India’s GDP growth has languished below 6 percent for three straight quarters, a far cry from the near-double-digit pace of expansion before the 2008 global financial downturn.
Economic growth for the fiscal year ending in March is expected to be 5.7-5.9 percent, the slowest since 2002/03.
“I must emphasise, that achieving a target of 8 percent growth, following less than 6 percent in the first year, is still an ambitious target,” Manmohan Singh told a conference of state chief ministers on the government’s 2012-2017 economic plan.
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