The finance ministry’s chief economic advisor, Kaushik Basu, says India may achieve double-digit economic growth after five-six years, if some reforms are set in motion. “Given global problems like high oil price and the sovereign debt overhang in Europe, double-digit growth will not be easy for India,” he told Business Standard. This is despite the fact that the long-run growth prognosis for India is very good, he said. “In 2008-09, the investment rate was 34.5 per cent. In 2009-10, it rose to 36.5 per cent.”