The Planning Commission said on Tuesday that emphasis on inclusiveness by the government should not be misconstrued as dilution of the overall growth agenda and the benefits should percolate to all strata of the society.
"Inclusive growth should not mean that existing growth agenda was being diluted," Commission Deputy Chairman Montek Singh Ahluwalia told the Indo-US Economic Cooperation meeting in New Delhi.
He argued that the country's achievements in various sectors should leave no prospective investors in doubt that India has failed to excel in overall growth.
"The economy is doing well. We had an average growth of 8.3 per cent in the past four years and 9.2 per cent during the past two years. We hope to achieve a growth rate of 10 per cent by the end of the 11th Five Year Plan," he told the audience, which included prospective American investors.
Ahluwalia pointed out that the Budget announcements were clear reflection of the government's intention to ensure distribution of the benefits of a growing economy to the underprivileged.
He cited that the education cess was a necessary step towards upgrading
The deputy chairman said investment in the nation's infrastructure should be about 8 per cent of the gross domestic product, which was about $18 to $20 billion annually.
He pointed out that about $350 billion would be required for the sector to develop roads, ports and airports, a chunk of which has to come from foreign direct investment and private participation.
US Ambassador to India David C Mulford (L), chairman and MD Bharti Enterprises, Sunil Bharti Mittal (R) and Deputy Chairman Planning Commission Montek Singh Ahluwalia (C) during a conference in New Delhi.
Photograph: Manan Vatsyayana/AFP/Getty Images
