India's economy may grow slow at 5.2% in fiscal year 2009-10 and pick up in the next year to witness a growth of over 7%, reported PTI quoting Jim O'Neill, Head of Global Economic Research at Goldman Sachs.
O'Neill reportedly said that Indian economy was growing at 9% till two years back and is expected to improve to 7.8% in 2010-11. Further he added that the Indian policy makers have to drop the double-digit growth concept and concentrate on raising India's engagement with the world. He said that unless India's growth is based on productivity performance, it would not be a lasting growth.
He stressed the need for education and said that the country should focus on opening its trade barriers with neighbors like Pakistan and China.
O'Neill predicts that India could be the single most powerful economic story in the world in two decades, if India's policy makers stopped taking decisions with elections in mind, when the polls are actually much away. He also projected Indian working population over next 20 years increasing by the same size as the present working population in the US.
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