India aims for double-digit economic growth

Image caption,
India is the world's second-fastest-growing economy

India is aiming to achieve double-digit economic growth within two years, as the country's recovery from the global downturn picks up pace.

Finance Minister Pranab Mukherjee said he was optimistic the economy should soon return to the 9% growth it achieved before the downturn.

The challenge then is "to cross the double-digit growth barrier in the coming year or two", he added.

The Indian economy grew by 8.8% between April and June this year.

It is the second-fastest-growing economy in the world behind China.

"We are all witness to an emerging new world order," Mr Mukherjee said, which would lead to a "more equitable arrangement for global prosperity."

The finance minister's comments come just two days after the G20 meeting of the world's leading economies in South Korea.

The meeting was dominated by discussions about global currency values, and how global trade imbalances could be resolved, with emerging economies relying on exports and more developed economies relying on domestic consumer consumption.