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September 25, 2007 19:20 IST
India can sustain high economic growth in the medium term but needs reforms to maintain the momentum over the longer term, Finance Minister P Chidambaram said on Tuesday.
Chidambaram, who is in New York as part of the Incredible India@60 campaign, also said the government was on track on wipe out revenue deficit in 2008-09.
India is the world's fastest-expanding major economy after China and recorded a growth of 9.3 per cent in the quarter ended June 30. The country's central bank has projected a GDP growth of 8.5 per cent, while many policy makers and analysts feel it could be up to nine per cent.
High growth in recent years was driven by investments, unlike the consumption-led growth earlier, he said, indicating that the country must undertake reforms in various sectors to keep attracting investments.
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