The Indian economy has grown at an average rate of around 9 percent for six years during 2005-06 to 2010-11 before it slowed down to 6.2 and 5% in 2011-12 and 2012-13. During 2013-14, it is estimated to have declined to below 5 %. Even at this rate, it has been growing faster than many developed economies. The prospects for growth in medium term for India are strong given revival in global demand and the new government taking over that has a clear growth agenda. Given India’s huge untapped domestic market on account of large middle class and ‘potential demographic dividend’ coupled with the concerted efforts to put the economy back on growth track, the future growth propsects appear positive and strong.