Prime Minister Manmohan Singh on Monday said India is poised to deliver 7-8 per cent economic growth in the next fiscal.
"The growth rate has almost been seven per cent this year on the back of eight per cent previous year. All indications at the moment are that we may be able to deliver a seven to eight per cent growth even next year," he said inaugurating the centenary celebrations of PHD Chamber of Commerce and Industry in New Delhi.
It is undeniable that India is "at a cusp" in its development trajectory, he said adding the government is committed to putting in place a set of policies, which will provide the necessary environment for making this growth possible.
After years of so-called Hindu rate of growth, the economy broke fresh ground in the nineties and has been able to deliver growth in the range of five to six per cent, the prime minister said.
"This in itself has enabled considerable enhancement in income in general. It has also helped reduce poverty significantly. We are now at a point in time where we need to accelerate this growth further and jump into 7-8 per cent band," he said.
Singh said this extra one to two per cent points in the growth rate, which seem miniscule at a glance, could translate into a substantial difference over a period of time.
"In 20 years, a growth rate of eight per cent will deliver twice as much as compared to a rate of five per cent," he said adding "we are committed to creating an environment where creativity and enterprise will flourish, where innovation and knowledge will be rewarded and where growth process will be inclusive and benefit all sections of society."