Prime Minister Manmohan Singh today expressed confidence that the Indian economy, currently growing at an unprecedented 8% for the third straight year, would expand by 9-10% annually over the next 5 years, reports PTI.
“We are targeting a 9-10 per cent annual growth rate in the next five years,” he said after laying the foundation stone of Hero Honda’s new two-wheeler manufacturing plant here.
Singh said the growth rates would be the basis to generate resources needed for the massive investments India plans to make in agriculture, rural development and infrastructure and poverty alleviation.
“This growth has been possible because we have created an environment in which creativity and enterprise can flourish and the vitality of our entrepreneurs unleashed,” the Prime Minister said, adding that he was amazed at the dynamism shown by the Indian industry.
“They are investing on an unprecedented scale and expanding their capabilities to boldly take on global competition. Many of them are actually taking over firms in other countries, setting up factories and becoming global companies,” he observed.
Singh lauded the Uttaranchal government for taking forward the process of industrialisation. He also complimented the Munjals of Hero Honda for setting up their third plant in the state.