24 Apr '11, 4am

India's double-digit ambition undermined by high inflation, slow reforms #India #economy #trade #investment #politics

NEW DELHI - INDIA'S dreams of attaining double-digit economic growth within the next few years are fading, undermined by high inflation, slow progress on reforms and an uncertain global outlook. The ruling Congress party has long wanted to make history as the administration which ushered in growth of 10 per cent - touted by successive governments as vital to significantly reduce crushing poverty. But India's main economic planning body looks set to row back on the goal of double-digit expansion when it fixes the country's five-year economic, social and other goals to 2017. Setting a target of 10 per cent average growth 'for the next five years is not feasible', Planning Commission deputy chairman Montek Singh Ahluwalia admitted late last week, citing inflation, a need to jump-start reforms and an 'international situation full of uncertainty'. However, Mr Ahluwalia said nin...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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