India to clock pre-crisis growth of 9% next fiscal: PM Manmohan Singh

Prime Minister Manmohan Singh today told the global leaders that India will revert to its pre-crisis economic growth rate of 9% in the next fiscal.

"I am happy to say that the Indian economy has rebounded fairly well from the crisis... We hope to achieve 9% (growth) in 2011-12," he said while speaking at the plenary session of the G20 summit in Seoul.

As regards the current fiscal, Singh said the country was likely to clock 8.5% growth rate, up from 7.4% in 2009-10.

India was growing at 9% before the financial meltdown in 2008 hit the world economies and slowed growth.

"We grew at 9% in the four years prior to the crisis, but slowed down to 6.7% in the 2008-09," Singh said, adding the emerging economies in Asia are now doing well.

"Emerging market countries have done well on the whole, and especially so in Asia," he told an audience which included US President Barack Obama, China's President Hu Jintao, Britain's Prime Minister David Cameron, Canada's Prime Minister Stephen Harper, France's President Nicholas Sarkozy and Germany's chancellor Angela Merkel.

G20, a grouping of industrialised and emerging economies, has been at the forefront of efforts to combat the impact of the global financial meltdown triggered by fall of the iconic American investment banker Lehman Brothers in September 2008.