MUMBAI: Planning commission deputy chairman Montek Singh Ahluwalia is confident that India's growth rate will soon return to its peak of 9%. He said, "This year we had set a target of 8.5% (for GDP growth), certainly that will be exceeded based on first half numbers. We are hoping that next year, we can get back to 9%... the record till now is quite impressive."
The country's economy had witnessed a 9% growth for four years in a row before the global financial crisis in 2008, after which it slid to 6.7% and 7.4% in the past two years.
Asserting that a widening trade deficit is not worrisome, Ahluwalia said India can comfortably sustain with a 3% deficit in current account every year for the next decade. Traditionally , India's current account deficit has been 1%. Ahluwalia said, "I am making a projection that India can run a bigger deficit which can be financed by long term reliable capital flows ... FDI flows."
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