FM hopeful of 8.5-9% growth in medium term

Amidsluggishness in the economy, India'sFinance Minister Pranab Mukherjee on Monday exuded confidence that the countrywill maintain a high economic growth trajectory of 8.5 to 9 per cent in themedium to long-term.

"In the medium tolong-term, Indiaremains firmly on a high GDP growth path of 8.5 to 9 per cent. We, however, needto be alert and respond to emerging challenges and concern, in a timely manneras we make efforts to achieve our potential as a young and fast-growingnation," Mukherjee said while addressing the ADB-India partnership silverjubilee celebrations here.

Like many other countries,food security and volatility in prices has been a matter of concern for India, he said.

"We recognise that theincrease in agriculture production on a sustainable basis is a long-termsolution to the problems of availability as well as high and fluctuating foodand commodity prices," he said.

On infrastructuredevelopment, Mukherjee said the sector is critical for enhancing productivityand sustaining the growth momentum.

"The 12th Five-YearPlan (2012-2017) has an ambitious target of infrastructure investment estimatedat $1 trillion," he said.

Highlighting the role ofADB in the country's infrastructure development, he said it has providedvaluable and technical assistance in the public-private partnership fordevelopment of the sector.

"We need to furtherstep-up the momentum of our collaboration in this important area, consideringthe huge investment need of the sector," Mukherjee said.

Achievement of aninclusive and environmentally sustainable growth also calls for support ofalternate and renewable energy sources.

"We hope ADB'sassistance in developing clean and alternative sources of energy and technologyto expand energy efficiency measures on all front would be scaled up,"Mukherjee added.