Aspirations are driving economic growth: Chidambaram

Mumbai, Nov 6: Stating that aspirations are the driving force behind the accelerating growth, Union Finance Minister P Chidambaram expressed hope that India will become a middle-income group in the next 15-20 years. 'India is changing fast, so fast that nobody can apprehend it. In fact, market will change faster than the comprehenders,' Mr Chidambaram said here last evening after releasing a book, titled 'We Are Like That Only: Understanding the Logic of Consumer India', penned by Rama Bijarpurkar, an eminent thought leader in market strategy and consumer behaviour.

''In 2003-04, the growth rate was 7.5 per cent, and I hope to do this by 9 per cent this year. So the assumptions have blown to smithereens. Similarly, all other assumptions will also be blown away very soon. And if we grow by this rate, India's per capita income will reach USD 2,000 by 2016, and USD 4,000 by 2025,'' the Finance Minister added.

He said that aspirations are breaking down the caste and class barriers and everyone wants to move up the ladder and added that aspirations will drive consumption in the country.

UNI