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Our Bureau

New Delhi , March 8

INDIA would emerge as one of the fastest growing economies over the next two decades with an expected annual growth rate of 8 per cent, according to the Advisor to Finance Minister, Dr Vijay Kelkar.

"Growth is going to accelerate in the coming decade. Last decade, the country's GDP grew by nearly 6 per cent annually and the next two decades would witness 8-10 per cent annual growth," Dr Kelkar said while inaugurating an insurance seminar here on Monday.

Dr Kelkar said that in the coming two decades, the country would have the highest number of working population that would ensure a rise in the savings rate. He also said that the Finance Ministry was committed to adopting steps to promote the insurance sector. "The insurance industry will double every 4-5 years as economic development takes place," he said.

The Secretary, Financial Sector, Mr N.S. Sisodia, said that the insurance sector could aid economic development by ensuring financial stability, rise in savings rate and better allocation of country's capital.

He said that though the foreign direct investment limit in insurance sector has been capped at 26 per cent, the N.K. Singh committee had recommended increase in the limit to 49 per cent to promote growth in the sector.

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