The Chairman of the Prime Minister's Economic Advisory Council Dr C Rangarajan has said that the Indian economy has the potential to grow at 9 percent annually in the next five years. Dr Rangarajan said that tackling inflation and bringing it below five percent level is the biggest challenge the economy faces today.Stating that the present rate of inflation is a cause of concern, Dr Rangarajan said that interventions in the food grains market along with effective use of fiscal and monetary policy are the key to address rising prices. He was delivering a special lecture during the Golden Jubilee Celebrations of the Indian Economic Service at a function in New Delhi on Thursday.Dr Rangarajan said that maintaining high growth rate is essential to reduce poverty and improve the standard of living of the people. Expressing concern over India's poor ranking in the Human Development Index,HDI, Dr Rangarajan stated that the policies should not only be aimed to achieve sustainable high growth rate but should also focus on improving various social indicators including the HDI.Emphasising the need for inclusive development, Dr Rangarajan said that the disparity between the growth rates of various states in the country need to be converged.