The Indian economy will overcome the consequences of the global credit crunch within the next two to three years, Prime Minister Manmohan Singh said ahead of his upcoming visit to Russia.
The Indian premier is due in Moscow for an Indian-Russian summit on December 6-8.
"In two to three years' time, I am confident that the Indian economy can bounce back to the growth rate of about 9% per annum," Singh told journalists.
He cited a number of reasons for a prospected breakthrough, including high savings and investment rates, which make about 35% and 37% of India's GDP, respectively.
"With these ... rates, we can sustain a growth rate of 9% without difficulty," Singh said.
He admitted that the global slowdown had affected the Indian economy, with growth rates declining to about 6.7% in 2008.
"This year we expect the growth rate to be 6.5% to 7%," the Indian prime minister said.
India's GDP grew 7.9% in July-September 2009, against the same period of last year, and the country posted a 6.1% GDP growth year-on-year in April-June.
According to government data, the country's industrial growth in July-September reached 9.2%, while spending on social programs, including road-building, increased 12.7%.
NEW DELHI, December 4 (RIA Novosti)
