In his address at the Golden Jubilee celebrations of the Indian Institute of Management (IIM) in Kolkata, Singh said while the Indian economy has inherent economic strength, "difficult things would be needed" to reach the growth target.
Business-as-usual will not work for 9% growth: PM
Image: Folk dancers participate in the rehearsals for the Navratri festival in Ahmedabad.Photographs: Amit Dave/Reuters.
The Full Planning Commission had set a goal for nine per cent annual economic expansion in the 12th Plan (2012-17) at its meeting last week.
He said India has been transformed into one of the fastest growing emerging markets in the world.
"If we can continue to grow at this rate, we are well-positioned to be the country with the third-largest GDP in the world by 2025," he said.
Business-as-usual will not work for 9% growth: PM
Image: Children admire an African (L) and Indian elephant at New Delhi's zoo.Photographs: Reuters.
He said the global economy is facing uncertainties about industrialised countries and their implications for capital markets.
Business-as-usual will not work for 9% growth: PM
Image: Growth of the Indian economy.Following the downgrade of the US credit rating, capital flows to emerging stock markets, including India, have been hit severely.
Business-as-usual will not work for 9% growth: PM
Image: The 450-megawatt hydropower project located at Baglihar Dam on the Chenab river.Photographs: Amit Gupta/Reuters.
Despite this, he said the country has been transformed into one of the fastest growing emerging markets in the world.
Business-as-usual will not work for 9% growth: PM
Image: Dollar notes.From being a relatively closed economy at one time, it has become more open both for trade and technology flows, he said, adding that India is now viewed as one of the most attractive destinations for foreign direct investment.
The country received $13.4 billion in FDI during the first quarter of the fiscal, an increase of 133 per cent vis- -vis the year-ago period despite uncertainties in the global economy.
Business-as-usual will not work for 9% growth: PM
Image: Reuters."I am happy to say that India is playing its part in this transformation... India's corporations are expanding their footprint abroad through investments and mergers and acquisitions," Singh added.
He said that many countries have grown rapidly at 9 to 10 per cent per year for two or three decades before slowing down.
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