India’s central bank governor has warned that the country needs far more investment if it is to achieve the ambitious economic growth forecast by Manmohan Singh, prime minister.
The warning from Duvvuri Subbarao adds a note of sobriety to the growing belief in India and overseas that the country can outpace China by moving from its current 8.5 per cent growth to 10 per cent over the next three to five years.
“India needs to raise its investment by a quantum step if it is to realise its aspiration of a double-digit growth,” Mr Subbarao said in an online forum hosted by the Financial Times.
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