India's GDP growth rate likely to hit 7.5-8 per cent in 2014: Montek

Planning Commission Deputy Chairman Montek Singh Ahluwalia has said India's economic growth rate is expected to be at 7.5-8 per cent next year.

"We have become globally integrated and we can't do for India independently. The problem consists of one third from domestic factors and two-third from global factors," he said.

Mr Ahluwalia said India's growth rate shot up in 1960-70s and picked up in 1990s. He was speaking at the ninth V Narayanan Memorial lecture at Sastra University Srinivasa Ramanujan Centre in Kumbakonam, Tamil Nadu on Friday.

The reforms are to be carried gradually in large diverisifed highly democratic country and to bring changes it takes time, he said.

In a five-year period during 2000s, it went up to 9 per cent. In 2008, the financial crisis crept in and the growth rate came to 6 per cent, it went to 9 per cent in 2009, and then to 9.3 per cent.

In 2011, the rate again went down to 6.2 per cent and in 2012-13 to 5 per cent.

The global economy is turning around and will be better in 2014.

India's growth rate will be 7.5-8 per cent post-election, irrespective of who is in power, Mr Ahluwalia concluded.