Hyderabad: Enthused by India's success story, ADB President Haruhiko Kuroda said on Saturday the country "is on the verge of accelerating the growth" and could double its GDP in just seven years if a 10 per cent growth rate is maintained.
"I am very hopeful that India can reach the developed economy status at some stage as the country's economy is accelerating, leading to reduction of poverty," Kuroda told reporters after the conclusion of the 39th annual general meeting of the Asian Development Bank here.
Pointing out that Indian economy had been growing at 8 per cent during the last three years, he said further acceleration was possible if steps were taken to improve infrastructure and continue reforms.
"India's GDP will double in 10 years if there is a seven per cent growth rate. This could be achieved in seven years if there is a 10 per cent growth rate," the ADB Chief said.
Favouring increased private sector participation in the development of infrastructure in the region, he said it was essential to ensure that the poor got the benefits of progress and prosperity.
He said the ADB's Board of Governors unanimously felt that private sector should play a key role in meeting the huge infrastructure demands in the region.
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