Riding on big investments and likely increase in agriculture output, Indian economy may grow at an average 9 per cent in the next five years, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Saturday.
"There has been big investments in private corporates. It's in response to entrepreneurial (skills) unleashed by reforms)," he said at a seminar in Singapore.
The country is seeking to double agriculture growth in the next five years, he said at the seminar, held on the sidelines of the World Bank and IMF meetings.
Agriculture growth bounced back to 3.9 per cent during 2005-06 from a meagre 0.7 per cent in 2004-05. Last fiscal, Indian economy grew at 8.4 per cent.
The Prime Minister's Economic Advisory Council earlier this year had said if agriculture grows at 4 per cent, which is desirable, the economy would grow at over eight per cent in the current fiscal.
Even if agriculture grows at two per cent, which is not desirable and other sectors maintain their robust growth, the economy would still grow at eight per cent, the council had said.
The International Monetary Fund on Thursday raised its projections for Indian economic growth to 8.3 per cent for 2006, against earlier forecast of 7.3 per cent.
The Fund, however, projected slower economic growth rate of 7.3 per cent for 2007, but it is higher than its earlier projection of seven per cent made in April.
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