WASHINGTON, Feb 21: The Indian economy is reaping the rewards of 15 years of reforms and if opened up further could achieve sustained growth of 8-10 per cent, the International Monetary Fund (IMF) said Tuesday.

Not withstanding high world oil prices and a weak monsoon, the economy showed remarkable resilience in 2004/05, with growth (at 7.5 per cent) remaining robust and becoming broader-based, the IMF said in a glowing review of Asia’s third largest economy.

The Washington-based global lender said it supported the broad objectives of the Indian government’s economic program, in particular addressing infrastructure bottlenecks, alleviating rural poverty, and deepening global integration.

With an acceleration of the reform process, India would be able to achieve sustained economic growth of 8-10 per cent, in line with the objectives of the authorities, it added.

The Indian economy is continuing to reap the rewards of more than 15 years of reforms.

Late last year, Prime Minister Manmohan Singh said India should target a 10 per cent growth rate in two to three years’ time, calling it eminently feasible.—AFP