Former finance minister Manmohan Singh on Monday said that 8 per cent growth would remain only a dream unless hard measures to hasten reforms, including steps to rein in fiscal deficit and reviving the manufacturing and farming sectors, were taken.
"Growth rate is stuck between 5.5-6.0 per cent. We need far more dynamic policies in two commodity producing sectors -- agriculture and manufacturing," Singh, a senior Congress leader said during the release of a book India's Economy: Some Issues and Answers, written by former economic advisor to government of India, Shankar Acharya.
Even with 8 per cent growth in services sector, it would not be possible for the country to attain 8 per cent GDP growth (as envisioned in Tenth Five-Year Plan) unless the manufacturing and agriculture sectors attained higher growth rates.
By 2020, India's per capita income should be $1,500 as compared to $500 as of now if India wanted to become a developed nation, Singh said.
"Without attaining high per capita income, how can we get rid of chronic poverty. Growth is a necessary condition but not a sufficient one," he said.
Advocating pro-labour growth, Singh said: "Growth must be a positive sum game." He said it should not result in a loss for the weaker sections of the society.