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India to grow at 8% despite global crisis: PM

Source: PTI
October 22, 2008 11:51 IST
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India will achieve a GDP growth rate of 7.5 per cent to 8 per cent this year despite the current global economic turmoil, which has only partially affected the country, Prime Minister Manmohan Singh has said.

"India is relatively less affected" by the global financial crisis as "our banks are well capitalised," Singh told major Japanese newspapers in New Delhi ahead of his ongoing three-day official visit to Japan.

"The country will be able to grow by 7.5 per cent to 8 per cent," Singh was quoted as saying by Ashahi newspaper.

Backing Japan's push for broadening the frame of financing the International Monetary Fund to overcome the global economic turmoil, he said: "if the reinforcement of IMF is necessary, India will willingly cooperate," the report said.

Responding to Japanese media's questions on the proposed Comprehensive Economic Partnership Agreement (ECPA), Singh acknowledged that since differences existed between the two sides, it may not be possible for them to clinch a deal during his current visit.

However, the Prime Minister said he was hopeful that the ambitious CEPA could be finalised by the end of the year, another leading Japanese daily, Yomiuri Shimbon reported.

India and Japan had started negotiations on the CEPA in January 2007 and have held several rounds, even on the eve of Singh's visit here. The two sides, however, are yet to reach an agreement on issues like simplification of the approval procedure in Japan of generic drug which India exports and Japanese demand for concessions on its exports of automobile parts to India, the reports said. 

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