New Delhi: Stressing on speedy reforms, the United Nations Industrial Development Organisation (UNIDO) today (July 22, 2004) said India has to step up industrial growth to 10 per cent to sustain 7-8 per cent GDP (Gross Domestic Product) growth and emerge as economic super power in 21st century.

"If India is to maintain its current 7-8 per cent growth path and may be even improve upon it to create the right number of jobs, the answer lies in its industrial sector," UNIDO regional director for South Asia, George B Assaf, said releasing a book in New Delhi today.

Although Services sector has increased its share of GDP in India to almost half of GDP, he said, "Growth in the economy cannot be sustained by growth in services sector alone. Services and industry must progress in tandem."

He said higher growth in industry would help the country in creating more jobs and reducing poverty.

Despite the high industrial growth of last year, the UNIDO official said, "There is room for further growth. It needs to grow at 10 per cent from 7.3 per cent in 2003-04, if it is to provide the spark for a sustained 8.0 per cent overall growth."

Stressing on higher investments in industry, Assaf said, "It is possible for India to absorb many times more FDI (Foreign Direct Investment) than the current level of about $ 5.0 billion."

Pointing to the roadblocks, he said India must have a conducive, long-term and stable investment climate, improved infrastructure, reduction in red-tape, increased transparency and one-stop clearances among others.