The Indian economy, which keeps developing into an open-market economy, is expected to grow by as much as 9.25% in 2012 the country’s finance ministry said on Friday. India’s economy is forecast to grow at 8.6% in the year to the end of next month and prime minister Manmohan Singh nurses ambitions of pushing it higher to double digits to rival China.
India has weathered the global crisis relatively well. In 2007 the Indian economy maintained an impressive 9.4% growth rate, despite the arrival of the subprime crisis, only then to drop back to a 7.3% rate in fiscal 2008. The country’s growth has averaged more than 7% per year since fiscal 1997.