Planning Commission deputy chairman Montek Singh Ahluwalia has said on Monday that he expects the Indian economy to grow in the range of 7 to 8 per cent during the coming five years based on the precious records.

Mr Ahluwalia said, "It will be reasonable to assume that the growth rate would be 7 to 8 per cent, which I would call passing grade. I am reasonably confident that over this four-five year period, that is going to be growth rate of Indian economy." He presented his estimates while addressing a panel discussion.

The Central Statistical Office expects the Indian economy to record a growth rate of just 5 per cent this financial year, which is its lowest level in more than a decade. Economists say that the average growth rate during the 12th Plan form 2012-17) would be 6.6 per cent compared to a target of 8 per cent included in the five year plan.

Mr Ahulwalia said pointed out that the average growth rate during the previous ten years has been 7.5 per cent and that the economy has shown that it has the capacity to grew at these levels. He expressed concerns over the large current account deficit (CAD) and admitted that it is likely to remain above 4 per cent int eh coming two years.