India hopes to achieve higher growth in 2012-13: Manmohan Singh

India hopes to achieve higher growth in 2012-13 after its economy witnessed a slow down in the current year, Prime Minister Manmohan Singh said today.

"Our economy has slowed down in the current year and GDP growth is likely to be between 7.6 and 8 per cent," Singh said in his intervention at the Summit of the world's 20 leading economies at this French Riveria resort.

Singh acknowledged that like many other emerging market countries, India is also experiencing high levels of inflation.

"We in India are taking steps to ensure a return to high growth... We hope to go back to higher growth in 2012-13, together with a moderation in inflation," he said.

"Our medium term strategy focuses on a revival of investment especially in infrastructure, and continuing efforts to reduce our fiscal deficit through improved revenue collection which is expected to come from tax reforms," he said.

Singh also warned that "prolonged" uncertainty and instability in Europe will hurt other countries too and suggested that the IMF can help rescue the situation.

Observing that everyone has a stake in the orderly functioning and prosperity of Europe, including the Eurozone countries, Singh said, "prolonged uncertainty and instability in the Eurozone countries can hurt us all. In an increasingly integrated world, all of us have a stake in the orderly functioning and prosperity of Europe."