Ratan Tata says,8217;India will not achieve 8 economic growth rate,scams to blame8217;

He noted that efforts to control inflation plus scams,and other issues,resulted in Indian economic growth slowing down to five or sub-five per cent.

8220;To many,it has been like a recession,8221; he added.

8220;I think we will re-establish at 7 plus per cent growth rate in couple of years driven by the fact that we have got pent up demand in the country.

8220;But it is not going to be as attractive as it has been in the past,8221; said Tata,who retired from the group last year,during a dialogue session with students at the Singapore Management University SMU.

Responding to a question on recent economic boosting measures in the Indian Budget for 2013-14,he said: 8220;One must ask is it enough or is too late. My own feeling is that some of the confidence in the Indian economy,perhaps amongst investors,is restored.

8220;But there is a lot more that needs to be done if India is to be moving back to the visibility and the attraction that it had some years ago.

8220;May be just moderate moves are not going to be enough to undo the damage that has been done over the last few years.8221;

The measures in the most recent budget has 8220;are very moderate and perhaps,signs of moving into the right direction,8221; he told some 500 students,academics and business community at the dialogue session.

Tata recalled that India had enjoyed an almost a decade of considerable economic growth of 8 plus percentage and a very moderate inflation rate of over 4 per cent.

8220;In 2008-09,India stumbled,8221; he added,referring to the global economic crisis.

Tata pointed out that India8217;s inflation rate shot up to double-digit figures over a period of time due to rising energy and food costs,but the Reserves Bank of India8217;s followed on efforts to control inflation,resulted in increase in interest rates.

8220;We had about 13 interest rate increases in one year. And investment got held back,growth stumbled and a series of measures deprived India of the credibility that it had in term of investor confidence both from outside and inside,8221; said Tata.

8220;People started to wonder whether it was the time to make new investments or to establish new capacity or hold on,8221; he added.