9% growth target within reach: Montek

CII ANNUAL MEET 2007

India is well-poised to achieve the projected 9 per cent growth target during the Eleventh Five-Year Plan (2007-12), according to Planning Commission Deputy Chairman Montek Singh Ahluwalia.

He was speaking at the annual session of the Confederation of Indian Industry.

"If half a dozen other developing countries could do it, India can too. There are some things we need to do and if we do them right, there should be no doubt about achieving the projected growth rates," Ahluwalia said.

He said infrastructure development was one of the three focus areas for the government and a pre-condition for inclusive growth.

"The other two priorities for the government are ensuring that every one has a chance to be a part of the India growth story through improved education and improving the growth rates in agriculture," he added.

Ahluwalia emphasised the need for better infrastructure in rural India to ensure inclusive growth. This includes electrification of rural India, adequate power supply and better roads.

This would provide an enabling environment for the small and medium enterprises sector, which did not have the wherewithal to build their own infrastructure, he added.

He urged industry to contribute to building social capital by pushing forward agendas such as climate change, skill development, gender issues and development of small industry.

On the issue of innovation in Indian industry, Ahluwalia said: "Innovation has not spread widely in Indian industry because a large part of it is far from the research frontier. It is only when the market demands that there will be pressure to change."