India aspires to grow faster, eyes Africa: Arun Jaitley

Mumbai: India wants its economy to grow much faster, Finance Minister Arun Jaitley said on Tuesday, as Asia's third-largest economy eyes new opportunities for trade and economic cooperation with Africa.

"India today aspires to grow much faster. We are not satisfied with present growth rates," Jaitley told a seminar held before a major India-Africa summit to which all of the continent's 54 countries have been invited.

India has decided to set up a project development company in Africa, Jaitley said in a speech to the event organised by Exim Bank. India's annual trade with Africa has grown to $72 billion but lags China's $200 billion.