Agencies
London, Apr 11:
India will continue to be the second fastest growing economy in the world with the growth of over 8 per cent in 2008 despite turbulence in the global market, Finance Minister P Chidambaram said today.
"India will continue to grow at an average of 8 per cent and there may be turbulence. But for the next 20 to 25 years, the greatest opportunity for investment is in India," he said while inaugurating the operations of off shore subsidiary of India Infrastructure Finance Company (IIFC).
Chidambaram's comments coincide with a slight revival witnessed in industry in February as a result of which it recorded 8.7 per cent growth in the first eleven months of the fiscal 2007-08.
Stating that the world output as also the growth in the UK was likely to decline in 2008, Chidambaram said India can still register an 8 per cent growth and will keep its second spot as the rapidly growing economy in the world.
The continuing fast growth of 8 to 9 per cent since 2004 had exposed India's infrastructural weaknesses, be it in power, road, ports or communication, he said, emphasising that the country has now embarked on a major upgradation drive.
"Originally we had planned a second airport in Mumbai and Delhi after 10 years but now we will have to start work next year itself.
"In a way it is a cerebration of India's growth story," he said.
Print This Page
Terms
and Conditions