The Finance Minister Mr. Pranab Mukherjee has exuded confidence that the country will attain 8.5 to 9 percent growth in the medium to long term.

The statement assumes significance in the wake of slowing economy in West and a sovereign debt crisis in Europe.

Inaugurating a function to mark the Silver Jubilee celebrations of India and Asian Development Bank partnership, in New Delhi today, Mr. Mukherjee, however, cautioned that India has to be on alert and respond to the emerging challenges and concerns to achieve the desired objectives.

The Minister added that infrastructure development is critical for enhancing productivity and sustaining growth momentum. One trillion dollars of investment is needed in the next five years.

Hailing the role of the ADB in development of India's infrastructure, he said that that this sector is vital for maintaining growth trajectory. Mr. Mukherjee also sought ADB's help in improving India's food productivity in order to check the volatility in food prices.

Mr. Mukherjee said higher inflation is a matter of great concern and urged the bank to see how the social protection schemes can be better designed to help the poor and needy.

Mr. Pranab Mukherjee strongly advocated to forge bonds of Asian unity and said that the bank can play an effective role to bring the entire Asia community together on one platform. He urged the Asian Development Bank to contribute developing clean and alternative sources of energy.

The Finance Minister called for making both intellectual and innovative efforts for sustainable development. He urged the ADB to cover new grounds through study and research on how Asian countries can harness skill innovations for sustaining growth.

The Finance Minister said that India is ready to help and partner with the Asian Development Bank in its vision of achieving a hunger and poverty free Asia.

Addressing the function, the President of Asian Development Bank Haruhiko Kuroda said that the bank remains committed in strengthening its partnership with India in the areas of rural development, water resources management, agri business, infrastructure development and financial inclusion.

AIR correspondent reports that in the one day Eminent Persons Forum to commemorate the partnership, experts, bankers, policy makers and other stake holders are participating to prepare a blue print for a strong Asian economy.