India could reach double digit growth by 2012: Pranab Mukherjee

KOLKATA: India could reach double digit growth in the remaining two years of the 11th Five Year Plan if the present trend of growth continued, finance minister Pranab Mukherjee said on Saturday.

The Indian economy grew by 6.7% in 2008-09 and by 7.4% in 2009-10. The latest economic survey has projected a growth rate of around 8.5 percent for the current fiscal.

"If this trend continues, we will have double digit growth by the end of the 11th Plan, that is 2012," Mukherjee told reporters here on the sidelines of a function.

Earlier, in his address after inaugurating the northeast India and West Bengal banking operations of the private sector Yes Bank which added 15 branches, he said: "My appetite for growth is infinite. I do believe India deserves higher growth because we have suffered a long spell of slow growth rate."

"My target is to breach the barrier of double-digit growth. It is required. To me growth is not merely a statistical figure. It means more jobs, employment, wealth and access," he said.

Asserting that there has been a paradigm shift in India's economic approach and attitude, Mukherjee said "it is in the positive direction".

He described the east and northeast as the region of the future, and said the region must come up for the government's Look East Policy to succeed.

Referring to the problems of subversive activities in the north east, the minister said once development comes, all other problems can be taken care of.

Speaking at another programme, Mukherjee said the bond market has to be improved as the country needs a high level of funding in infrastructure in the coming years.