India needs to grow at 7-8 percent: MoS Finance

Minister of State for Finance Jayant Sinha Tuesdsay said that the country needs to achieve high growth rate in the range of 7-8 percent per year to create more job opportunities and to strengthen the currency.

Speaking to reporters here, Sinha said that the country must growth at 7-8 percent per annum to create more jobs.

Sinha's views assume significance as some ratings agencies have predicted a slower economic growth undering the second quarter of the current fiscal.

Ratings agencies are predicting economic growth to have slowed down to five percent from 5.7 percent in the first quarter.

Data regarding the GDP (gross domestic product) growth of second quarter is expected to be released later this week.

Ratings firm ICRA Research Tuesday maintained its forecast of India's growth during the current fiscal at 5.3-5.5 percent, however, it predicted a slower pace of economic activity in the second quarter of 2014-15.

The pace of growth is expected at five percent in second quarter 2015-16 as compared to 5.7 percent in first quarter of this fiscal, on account of unfavourable kharif harvest, sluggish manufacturing, slowdown in exports.

India's economy had grown by 4.7 percent in 2013-14 - the second successive year of sub-five percent growth in over a decade. The economy had grown by 4.5 percent in 2012-13.