Enthused by over 8.0 per cent growth in the last two quarters, Finance Minister Jaswant Singh on Tuesday said the economy could achieve a 'double-digit' growth in the coming years.
"Double digit growth is attainable in single digit years," Singh told reporters after the release of the Bharatiya Janata Party's Vision Document ahead of the General Elections in April-May.
Singh also expressed confidence that inflation would be reined in at 4-4.5 per cent by March end as per the government forecast despite increase in oil prices. As per the latest figures, inflation touched 4.78 per cent.
On the surge in rupee value against the dollar, he said the appreciation of domestic currency was related to inflation management.
An unprecedented massive single session spurt of 41 paise sent the rupee skyrocketting to a new 46-month closing highs of Rs 44.05/07 per dollar on Monday buoyed by robust trade and foreign investment inflows, despite rising concerns from exporters.
The 48-page Vision Document released on Tuesday proposes to further broaden and deepen economic reforms based on a 'self-reliant' approach for sustained double-digit growth.
The 'Vision Document' also favoured privatisation saying that the government should progressively withdraw from non-priority sectors and should reduce its role in manufacturing and service sectors, where private sector could serve the people better.
But it said the government should prevent private sector monopolies and retain its presence in strategic areas.
The document said the party's concept of Swadeshi was "a strong, efficient and high-growth Indian economy, in which Indian products, services and entrepreneurs dominate the domestic and global markets."
It felt that this could be achieved by making Indian products and services competitive on both cost and quality.
On globalisation, BJP stressed that it was imperative to bridge the current divide between the developing and developed world for reducing the risks and challenges of it and to enhance its opportunities and gains.
Observing a big shift in the global economy, the document said India should be prepared to take advantage of it.
It also said that the party was committed to accelerating this process by further reforming the economy, modernising the infrastructure, enriching human resources, and augmenting its capabilities in science and technology.
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