SENSEX NIFTY
Dec 28, 2012, 09.02 AM IST | Source: Reuters

Five-year annual growth target of 8% ambitious: PM

India's annual economic growth target of 8 percent for the next five years is "ambitious", Prime Minister Manmohan Singh said on Thursday.

India's annual economic growth target of 8 percent for the next five years is "ambitious", Prime Minister Manmohan Singh said on Thursday.

The country should aim for an 8 percent average growth over the five years beginning April 2012, Montek Singh Ahluwalia, deputy chairman of the planning commission, said on Wednesday.

India's is battling its worst slowdown in a decade. Economic growth for the current fiscal year that ends in March is forecast to be 5.7-5.9 percent, the slowest since 2002-03.

Also Read:

Tough to repeat '12 momentum; rate-cut impact low: Experts
Investor wealth soars 27% to over Rs 67 lakh cr in 2012

Singh, speaking at an event to finalise targets for the country's next five-year plan, also said that early implementation of a goods and services tax was critical to boost the tax/GDP ratio.

He added that subsidies on energy products should be limited, with a phased adjustment of prices.

ADS BY GOOGLE

video of the day

See earnings growth spike, big reforms in 2015: Envision

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.