Indian Finance Minister P Chidambaram feels that it is achievable. He feels that Indian economy has been growing at a healthy rate for the last few years. He thinks that India can have an economic growth of 9%-10% and can sustain this growth. The Hindu reported:
“The Finance Minister P Chidambaram has said that India can attain a sustained economic growth of nine to 10 per cent over the next seven to 10 years with right fiscal discipline.
Observing that there was need for expansion and reform of banking, insurance and pension sectors to mop up additional resources for long-term investment, he said the growth rate could even cross 10 per cent with good monsoon coupled with "right policies, new initiatives and better governance."
It is of course, good news for the Indian economy. However, I cannot feel too much excited with this news as Indian economy is growing but enough new jobs are not being created in the country. Also, India is still a long way behind China in the manufacturing sector. I feel that P Chidambaram should try to realize the situation and focus more on generating employment in the country. Otherwise, 9% or 10% growth will not have much value.
So, to answer the original question- it is possible for India to have double digit growth but without new jobs this growth will not matter much for most people in the country.
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