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India needs 9 per cent growth over the next decade: President

President K R Narayanan said on Monday the country needed to set a target of 9 per cent annual growth for the next 10 years to double per capita income and halve poverty.

Even though nation's economic growth of between 6-7 per cent in the last three years made it one of the world's 10 fastest growing economies its decade old economic reforms needed to achieve "faster and more balanced development", the President told lawmakers at the start of the budget session of Parliament.

India has an estimated 320 million poor, about 36 per cent of its population, according to the last estimates made by the government in 1993-94. Its per capita income was estimated at Rs14,682.3 ($315.7) in 1998-99.

The President said expanding and modernising country's physical infrastructure was urgently needed to lift growth and significant progress has been made in some areas although critical bottlenecks remained in others.

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Highlights of the President's address to Parliament

The full text of the President's address to Parliament

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