Despite the global financial crisis, India hoped to achieve a GDP (gross domestic product) growth rate of 7 per cent this year and return to about a 9 per cent per annum growth within two years, Prime Minister Manmohan Singh said today.
“We are in the midst of a major social-transformation. Our economy has grown at an average annual rate of over 9 per cent in the last few years,” Singh said while addressing business leaders at the Council of Saudi Chambers of Commerce and Industry here.
He said the global economic slowdown notwithstanding, India hopes to achieve “a growth rate of over 7 per cent in the current financial year” and expects to bounce back to the “growth level of 9 per cent within two years”.