India's growth rate to be 9 per cent in 2010-11, says Dr. Manmohan Singh

Riyadh, Feb.28 (ANI): Prime Minister Manmohan Singh, presently undertaking a three-day State visit to Saudi Arabia, on Sunday said that despite the global economic slowdown India will achieve over seven percent growth rate in the current financial year and will get back to nine percent growth rate in 2010-2011.

Addressing the council of Saudi Chambers here, Prime Minister Dr. Singh said that despite the global economic slowdown India "will achieve over seven per cent growth rate in the current financial year and will get back to nine percent growth rate."

Dr. Singh was here received by Saudi Arabia's Minister of Commerce and Industry Abdul Rehman Ali Reza and vice chairman of the council of Saudi Chambers of Commerce.

Sixty nine Saudi Arabia delegates and 35-member Indian business delegation, under the chairmanship of Saroj K. Poddar, attended the meeting.

The bilateral trade between India and Saudi Arabia is worth 25 billion dollars and Saudi Arabia fulfils 20 percent of India's energy needs.

Indian Prime Minister has urged the Saudi business community to enter into a comprehensive energy partnership.

He said that Indian companies are well-equipped to participate in upstream and downstream oil and gas sector projects in Saudi Arabia.

Dr Singh also invited Saudi entrepreneurs to explore investment opportunities in India. By Naveen Kapoor (ANI)