New Delhi, May 23 (IANS): Prime Minister Manmohan Singh Sunday said India will soon become the fastest growing economy, having expanded admirably in the past few years despite the difficult global situation.

"We are already the fastest growing democracy," the prime minister said at a dinner here to celebrate two years of the second United Progressive Alliance (UPA) government.

"If each one of us continues to work hard with dedication, commitment and honesty, I am sure India will soon emerge as the fastest growing economy."

He said in the past seven years when the UPA has been in power, the country had grown at an unprecedented 8.5 percent annually despite grave global financial crises and slowdown.

"It has also been achieved overcoming the problem of high energy prices and rising food costs," he said, calling for rational fuel pricing and enhanced food production.

He also said India had a long road to traverse to banish poverty and provide gainful employment to all as part of the overall focus on inclusive growth.