Riyadh, Feb 28: Despite the global financial crisis, India  hopes to achieve a GDP growth rate of seven per cent this year and  return to about a nine per cent per annum growth within two years,  Prime Minister Manmohan Singh said today.
“We are in the midst of a major social-transformation. Our economy  has grown at an average annual rate of over nine per cent in the  last few years,” Singh said while addressing business leaders at  the Council of Saudi Chambers of Commerce and Industry here.
He said the global economic slowdown notwithstanding, India  hopes to achieve “a growth rate of over seven per cent in the current  financial year” and expects to bounce back to the “growth level of  nine per cent within two years”.
India, the world’s second fastest growing economy, has a young  and expanding workforce, and a huge market.
Inviting entrepreneurs from Saudi Arabia to invest in his country,  Singh said there is a large scope to explore investment opportunities  in India, which has a “vibrant and innovative private sector”.
India’s growth rate was hampered last year by the global economic  crisis and a poor show by monsoon at home, but has shown signs of  recovery riding on a healthy  manufacturing sector growth.

Lastupdate on : Sun, 28 Feb 2010 21:30:00 Makkah time
Lastupdate on : Sun, 28 Feb 2010 18:30:00 GMT
Lastupdate on : Mon, 1 Mar 2010 00:00:00 IST