NEW DELHI (Reuters) - The Indian economy is facing a temporary downturn, and average rates of economic growth above 8 percent are possible in the medium term, Prime Minister Manmohan Singh told a gathering of the nation's top businessmen on Wednesday.
India's economy, hit by the global slowdown and stubbornly high inflation, probably grew around 5 percent in the financial year ended on March 31, the slowest pace in a decade and a far cry from a near double-digit growth seen in the early 2000s.
The government is hopeful of a better performance in the new fiscal year and has pegged the annual economic growth to be as high as 6.7 percent.
(Reporting by Anurag Kotoky; Writing by Manoj Kumar; Editing by Frnak Jack Daniel)
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