Hyderabad: India's target of 10 per cent economic expansion is possible, as the country has a recipe for sustained growth, Planning Commission deputy chairman Montek Singh Ahluwalia said while delivering the convocation address at the graduation ceremony of the Indian School of Business.

He added that however, this would not be possible if agriculture was not put on a higher growth path. The economy is expected to grow at nine per cent over the next five years and we hope it will touch 10 per cent at the end of the five-year period. It requires a lot of hard work to achieve this but it is possible," Ahluwalia said.

The agriculture sector, which had witnessed 3.6 per cent growth rate between 1980 and 1996, had since started decelerating and fallen to less than two per cent.

With the pace of globalisation set to grow over the next 20 years, making the markets more open to foreign goods, Indian industry would have a far wider footprint across the globe.

He said that by 2035, India's GDP will become the third largest in the world after United States and China.