Despite the global financial crisis, India hopes to achieve a GDP growth rate of

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seven per cent this year and return to about a nine per cent per annum growth within two years, Prime Minister Manmohan Singh said today.

"We are in the midst of a major social-transformation. Our economy has grown at an average annual rate of over nine per cent in the last few years," Singh said while addressing business leaders at the Council of Saudi Chambers of Commerce and Industry here.

He said the global economic slowdown notwithstanding, India hopes to achieve "a growth rate of over seven per cent in the current financial year" and expects to bounce back to the "growth level of nine per cent within two years".

India, the world's second fastest growing economy, has a young and expanding workforce, and a huge market.

Inviting entrepreneurs from Saudi Arabia to invest in his country, Singh said there is a large scope to explore investment opportunities in India, which has a "vibrant and innovative private sector".

India's growth rate was hampered last year by the global economic crisis and a poor show by monsoon at home, but has shown signs of recovery riding on a healthy manufacturing sector growth.