India needs to grow at 7-8 per cent a year to create more job opportunities for young people and double the size of the economy in 10 years, Minister of State for Finance Jayant Sinha said.
"We want to put India on sustainable non-inflationary growth trajectory of 7-8 per cent growth. We need to have 7-8 per cent growth to provide employment to young people that join workforce every year", Sinha said at 15th Delhi Sustainable Development Summit on Thursday.
"7-8 per cent growth will double size of economy in the next 10 years. For this we need to build our productive capacity, but also need to ensure that our growth is sustainable", he added.
The minister also stressed upon need to protect the environment.
"Climate change is real and significant challenge which every country is facing. So innovation for sustainability is true need of the hour", he said.
A change in base year for computing national accounts has pushed up the economic growth rate for 2013-14 to 6.9 per cent, while the earlier estimate on the basis of old series was 4.7 per cent.
Also, the economic growth rate for 2012-13 has been revised upwards to 5.1 per cent, compared with 4.5 per cent estimated earlier.
Speaking on the occasion, YES Bank founder, MD and CEO Rana Kapoor said the bank will launch its first green bond in India soon.