India poised for 9% growth for a long period: Montek

AHMEDABAD: India is poised to achieve 9 per cent GDP growth in the next five year despite economic slowdown, Deputy Chairman of Planning Commission Montek Singh Ahluwalia said on Sunday.

"We are well set to achieve the target of nine per cent growth rate in the next five years," he said, addressing the convocation function of Indian Institute of Management, Ahmedabad (IIM-A).

"There is a talk in newspapers about slowdown of our economy. There is a slowdown, but India seem poised to have sustained growth for a long period," he said.

Ahluwalia told the IIM-A graduates that they are passing out of the top business school at a time when India is growing rapidly.

He said more higher technical education institutes are required to sustain the country's economic growth. Ahluwalia said the Centre had yesterday announced setting up of new IIMs and IITs, which is a good step forward.

"These institutes should be set up as fast as possible." Ahluwalia said it also required to ensure growth of existing higher educational institutes.

The Centre has formed a reivew committee to look into the functioning of IIMs and it would be a good opportunity for these institutes to get what they want, he said.

On government's role in present circumstances, he said, "it is sometimes said the economic reforms have reduced the role of government. But it is not the case. The role of the government has not been reduced but transformed. It is good the government is not running business which private parties can do."

"Government has now become a growth facilitator. It has to look after social development and infrastructure."