India's GDP to double, if 10% growth is on

Haruhiko Kuroda, president of ADB, on Saturday said India "is on the verge of accelerating the growth" and could double its GDP in just 7 years if a 10% growth rate is maintained.

"I am very hopeful that India can reach the developed economy status at some stage as the country's economy is accelerating, leading to reduction of poverty," Kuroda said after the conclusion of the 39th annual general meeting of the Asian Development Bank here.

Pointing out that the Indian economy had been growing at 8% during the last three years, Kuroda said further acceleration was possible if steps were taken to improve infrastructure and continue reforms.

"India's GDP will double in 10 years if there is a 7% growth rate. This could be achieved in 7 years if there is a 10% growth rate," the ADB Chief said.

Favouring increased private sector participation in the development of infrastructure in the region, Kuroda said it was essential to ensure that the poor got the benefits of progress and prosperity.

The ADB's board of governors felt the private sector should play a key role in meeting the huge infrastructure demands in the region, said Kuroda.