India's economy will grow at over 7 per cent this fiscal despite being hit by the global slowdown and would clock a decent 8 per cent in the next fiscal,Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Tuesday. Noting that India is looking good,Ahluwalia said "the economic growth will be above 7 per cent this year against 6.7 per cent in 2008-09." Speaking on 'The Indian Economy: The Outlook 2010 Business Interaction' organised by the Confederation of Indian Industry and the Confederation of British Industries at Crown Plaza here,he said, "We hope to get 8 per cent in 2010-11 and 9 per cent in 2011-2012." He said but for the global decline,India would have grown at 9 per cent. Referring to the country's emphasis on developing its infrastructure,including airports,telecommunications,power,railways,road and ports,Ahluwalia said,"We are on the right track but we need to do it much faster. The pace of approval of projects have improved considerably and it should be possible to pursue foreign investors to invest in India as India is a good place to invest." On raising the FDI investment ceiling in the medical insurance sector from 26 per cent to 49 per cent,Ahluwalia said,"The government is very clear that it should go up to 49 per cent and the issue is before a select committee of Parliament."
