India needs to grow at 7-8% a year: junior finance minister

[NEW DELHI] India has no choice but to grow at a higher rate of 7-8 per cent a year, the country's junior Finance Minister Jayant Sinha told reporters on Tuesday.

Mr Sinha said faster growth is required to create more jobs that the country needs, and to strengthen the rupee currency.

India's economic growth probably slowed to around 5 per cent in the three months to September, slipping from 5.7 per cent in the previous quarter, two senior finance ministry sources said earlier, putting pressure on the central bank to cut interest rates.

REUTERS