PM seeks Saudi funds to drive growth story

Confident that gross domestic product would grow at 9 to 10 per cent annually in the next 25 years, Prime Minister Manmohan Singh today sought Saudi investment in sectors ranging from infrastructure to hospitality, as the country aspires to be one of the largest economies of the world.

There is vast potential for cooperation between the two countries based on their inherent strengths and complementarities, he said, addressing the Saudi Consultative Council here.

“In the next 25 years, we aspire to growth rates of between 9 and 10 per cent annually. This will enable us to lift millions of people out of poverty and to transform Indian into one of the largest economies of the world. India looks to the future with confidence and hope,” Singh said.

He said despite the global economic slowdown, India hopes to achieve a growth rate of about 7.5 per cent in the current financial year. "Over the last five years, our economy has grown at an average annual rate of 9 per cent.”