“In the medium to long-term, India remains firmly on a high GDP growth path of 8.5% to 9%. We, however, need to be alert and respond to emerging challenges and concern, in a timely manner to achieve our potential as a young and fast-growing nation,” finance minister Pranab Mukherjee told media persons
New Delhi: Amid sluggishness in the economy, finance minister Pranab Mukherjee on Monday exuded confidence that the country will maintain a high economic growth trajectory of 8.5% to 9% in the medium to long-term, reports PTI.
“In the medium to long-term, India remains firmly on a high gross domestic product (GDP) growth path of 8.5% to 9%. We, however, need to be alert and respond to emerging challenges and concern, in a timely manner as we make efforts to achieve our potential as a young and fast-growing nation,” Mr Mukherjee said while addressing the ADB-India partnership silver jubilee celebrations here.
Like many other countries, food security and volatility in prices has been a matter of concern for India, he said.
“We recognise that the increase in agriculture production on a sustainable basis is a long-term solution to the problems of availability as well as high and fluctuating food and commodity prices,” he said.
On infrastructure development, Mr Mukherjee said the sector is critical for enhancing productivity and sustaining the growth momentum.
“The 12th Five Year Plan (2012-2017) has an ambitious target of infrastructure investment estimated at $1 trillion,” he said.
Highlighting the role of ADB in the country’s infrastructure development, he said it has provided valuable and technical assistance in the public-private partnership for development of the sector.
“We need to further step-up the momentum of our collaboration in this important area, considering the huge investment need of the sector,” Mr Mukherjee said.
Achievement of an inclusive and environmentally sustainable growth also calls for support of alternate and renewable energy sources.
“We hope ADB’s assistance in developing clean and alternative sources of energy and technology to expand energy efficiency measures on all front would be scaled up,” Mr Mukherjee added.