Prime Minister's Economic Advisory Council (PMEAC) chairman C. Rangarajan on Tuesday said India can become a middle income country by 2025 if it grows at a rate of 8-9 per cent every year.
"...if we grow at the rate of 8-9 per cent every year, we would become the middle income country by 2025," Rangarajan said at the Skoch Summit here.
Slowdown in agriculture and manufacturing is likely to pull down India's economic growth to a three-year low of 6.9 per cent in 2011-12.
"Inflation, especially food inflation, balance of payment or current account deficit (CAD) and fiscal consolidation are three major micro economic concerns for the slowdown of growth of the country," he added.
"...We would continue to revive the growth of economy. It is important to note that...fiscal reform is an integral part of total reforms of the country."