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Indian Economy still on high growth path - FM

Amid sluggishness in the economy, finance minister Mr Pranab Mukherjee has exuded confidence that India will maintain a high economic growth trajectory of 8.5% to 9% in the medium to long term.

Mr Mukherjee said that "In the medium to long term, India remains firmly on a high GDP growth path of 8.5% to 9%. We, however, need to be alert and respond to emerging challenges and concern, in a timely manner as we make efforts to achieve our potential as a young and fast growing nation. Like many other countries, food security and volatility in prices has been a matter of concern for India."

He said that "We recognize that the increase in agriculture production on a sustainable basis is a long term solution to the problems of availability as well as high and fluctuating food and commodity prices."

On infrastructure development, Mr Mukherjee said the sector is critical for enhancing productivity and sustaining the growth momentum. He added that "The 12th Five Year Plan (2012-2017) has an ambitious target of infrastructure investment estimated at USD 1 trillion."

Highlighting the role of ADB in the country's infrastructure development, he said that it has provided valuable and technical assistance in the public private partnership for development of the sector. He added that "We need to further step up the momentum of our collaboration in this important area, considering the huge investment need of the sector."

Mr Mukherjee added that "We hope ADB's assistance in developing clean and alternative sources of energy and technology to expand energy efficiency measures on all front would be scaled up,"

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