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India set to achieve 10% growth: Expert
Press Trust of India / New Delhi November 5, 2006
India, now in a 'sweet spot' economically, is set to move on to double digit growth despite politics and populism and may be ahead of China's growth by 2010.

"The hype about India is real. Factors are in place to sustain 10% plus growth...Investment at over 40% of GDP this year is one of fastest jumps in history," Surjit Bhalla, renowned economist, said in his mid-term review of the economy.

The mid-term review showed that India was poised to achieve a high level of growth as savings and investment rates were steadily rising.

The steady increase in savings and investment to 40% and an additional 3 to 4% extra growth from extra investment would result in a 10% GDP growth.

Bhalla also felt the exchange rate should be kept undervalued to make India more competitive in the global market.

He said for the last three years, the growth in manufacturing had been greater than 10% and overall industrial growth has been over 9% and sustained progress in these sectors could push the GDP growth further.

 
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