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India sees over eight percent economic growth
As I recall, the French are around 1.7% and the Germans 1.3%. Funny how that works.
NEW DELHI - India’s president Thursday announced a series of reform initiatives to spur Asia’s third largest economy and said growth of over eight percent signalled ”better times to come.” “Our economy is on the move,” President Abdul Kalam said, announcing the reform priorities of the ruling Congress-led coalition before the presentation of the budget at the end of the month.

Earlier this month, the government forecast 8.1 percent growth for the financial year to March due to better harvests and surging manufacturing and financial services. This would compare with 7.5 percent expansion the previous year. “This (year’s performance) is probably a precursor of better times to come,” Kalam said, inaugurating parliament’s key parliamentary session.

“The econony is doing so well it has its own momentum,” said R. Balakrishnan, director of Mumbai-based investment advisory firm Parellex Consulting Services. Among major economies India’s growth is surpassed only by China, which accelerated by 9.9 percent in 2005.

However, economists say India needs double-digit growth to lift more than a quarter of its over one billion people out of deep poverty. Creaky infrastructure, notorious red tape and grave power shortages are key blocks to achievement of that goal and are ones the government has vowed to tackle.

Kalam pledged a series of measures, including “world class infrastructure”, a new civil aviation policy, steps to lure foreign investment and a common agriculture market to boost growth. Other steps included plans for a 10-year manufacturing initiative to drive growth as well as high-speed freight corridors in the east and west.
Posted by: Steve White 2006-02-17
http://www.rantburg.com/poparticle.php?ID=142903