India Eyes 10% Economic Growth

July 17, 2007
Higher than expected

India on July 17 said its resurgent economy could touch an annual growth of 10% in the financial year beginning April 2008, provided its ailing farm sector picks up.

The Indian economy grew faster-than-expected at a record 9.4% pace in the year to March, beating New Delhi's forecast of 9.2% in May and raising hopes of greater foreign capital inflows.

Finance Minister Palaniappan Chidambaram said India's sizzling growth compared well with China's economy. "India's growth rate compared to China is not bad in view of the fact that India has to follow democratic norms and generate (political) consensus, evolve laws and endure criticism before moving forward," the finance minister said.

India's growth lagged behind Asian rival China's 10.7% in 2006.

Copyright Agence France-Presse, 2007

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