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India: ASD Say Country Has Potential To Grow At 9%-10% Annually

The Asian Development Bank said that the Indian economy has the potential to grow annually at 9%-10%, provided the infrastructure improves and the government intensifies its reform drive.

The Asian Development Bank said that the Indian economy has the potential to grow annually at 9%-10%, provided the infrastructure improves and the government intensifies its reform drive. ADB's President Haruhiko Kuroda expects India's economy to grow at 8% during this fiscal (2005-06); in line with the government forecast of 8.1% growth.

Kuroda further said that the Indian economy is on the right track and the growth momentum of around 8% plus is likely to be maintained during this fiscal and continue during the next five to 10 years. Kuroda blamed the rapid GDP growth to the present over stretching of the country's infrastructure. Separately, Finance Minister P. Chidambaram, while speaking during the budget discussion, said that the government aims to give new impetus to agriculture sector to sustain 8%-10% GDP growth. Chidambaram praised the services sector for recording high growth rate. 

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