India should grow by at least 8 per cent year-on-year to make some meaningful dent on poverty, RBI Deputy Governor K.C. Chakrabarty has said.
Unless the country grows by at least 8 per cent, it will not survive, Chakrabarty told Business Line on the sidelines of India-OECD-World Bank regional conference on financial education here today.
He was responding to a query on whether 5-6 per cent GDP growth will be a new normal for India.
The Central Statistics Office (CSO) had recently pegged the advance estimate for GDP growth for 2012-13 at 5 per cent, lower than the 5.5 per cent estimate put out by the Reserve Bank of India.
Chakrabarty has in a way echoed the views of RBI Governor D. Subbarao, who on Sunday said that a growth rate of 5-6 per cent is not sufficient for the Indian economy. Subbarao had said that India has the potential to grow at double-digit growth rate provided some issues are addressed.
srivats.kr@thehindu.co.in