India will sustain over 8% growth rate: Kumar

Given the strong fundamentals of the Indian economy, it will be able to sustain a growth rate of over 8 per cent over the next ten years and continue to attract investments in services and manufacturing sectors, Indian Minister of State for Commerce and Industry said here.

"Despite some developments that are not favourable, we will still manage to have robust growth," Ashwani Kumar said.

Pointing out to the strength of the country's economy, Kumar told investors attending the annual meeting of the India Investment Forum that the nation would remain on course on the path of economic reform and continue to put investor friendly policies in place.

Supporting the steps being taken by Washington to deal with the financial crisis, Kumar said the US government's action affirms the fact that the State has interventionist as also moderating and stimulating role in an "absolutely critical" situation.

"The State is not going whither away," he remarked.

A unique feature of the India's growth story has been that it has uplifted one per cent of the population out of absolute poverty every year since 1985. So far 491 million people have been lifted out absolute poverty and another 290 million will out that situation by 2020, he said.

He pointed out that it costs 60 per cent to set up fully integrated competitive manufacturing facility in India as compared to the rest of the world.

"Our productivity has achieved European standards at 20 per cent of cost and 21 of 100 best running companies in emerging economies are in India," he said.