Planning Commission on Friday said exports should grow by 14 per cent if an over 8.0 per cent GDP growth rate is to be achieved, and asked the industry to shun all bias against liberalisation of imports and foreign investment.

"The principal argument for encouragement of foreign investment flows into the country arises from the need to step up growth rate of the economy and foreign exchange financing requirement that arises from it," Planning Commission Deputy Chairman K C Pant said inaugurating the Annual Management Convention of Noida Management Association in New Delhi.

Favouring greater inflow of foreign investment, Pant said it has dual benefits -- it enables the country to target higher growth rates without running into the dangers posed by external indebtedness and also brings in superior technology forcing the domestic industry to become more efficient.

He said India's market policy, a combination of opening up to foreign investments, liberalisation of trade and government directed export orientation, has reaped good results but there were some "apprehensions in the minds of our entrepreneurs that liberalisation of imports and foreign investment may lead to serious problems in our industrial economy".