Govt to target over 8% growth in next fiscal: President
President Pratibha Patil said the government would bring a legislation on food security. Check out the top gainers, losers and recommendations from analysts
By Agencies |
NEW DELHI: India's economy will accelerate in the coming years after the global downturn, but the government will push policies to protect millions of poor Indians from the impact of food inflation, the president said on Monday. "It is imperative that as our economy grows apace, the disadvantaged sections of society be made part of the success story," Prathibha Patil said in her address to the joint session of parliament that began its budget session on Monday.
Attributing rising food prices to shortfall in domestic production and high prices of rice, cereals and edible oils in the international market, President said, "My government is committed to bringing forth a legislation to ensure food security."
The government's financial stimulus had yielded "handsome results" and the economic growth of India was likely to improve around 7.5 percent despite the meltdown, Patil said.
"The global economic slowdown was met by strong policies of administering a domestic stimulus to the economy which has yielded handsome results," Patil said.
"(The) economic growth which had slowed to 6.7 percent in 2008-09 is likely to improve to around 7.5 percent in 2009-10," she said.
"At a time when industrialised countries have experienced negative growth, India has countinued to grow at an impressive rate," the president said.
The country's food inflation touched a decade's high of about 20 per cent in December before moderating to around 18 per cent in February.
The president's speech to the joint session of parliament lays down the government's priorities for the year and sets the tone for the February 26 budget.
Is Chinese economy still really bigger than India's?
Will the economy be able to manage well if stimulus measures are withdrawn?
Attributing rising food prices to shortfall in domestic production and high prices of rice, cereals and edible oils in the international market, President said, "My government is committed to bringing forth a legislation to ensure food security."
The government's financial stimulus had yielded "handsome results" and the economic growth of India was likely to improve around 7.5 percent despite the meltdown, Patil said.
"The global economic slowdown was met by strong policies of administering a domestic stimulus to the economy which has yielded handsome results," Patil said.
"(The) economic growth which had slowed to 6.7 percent in 2008-09 is likely to improve to around 7.5 percent in 2009-10," she said.
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"At a time when industrialised countries have experienced negative growth, India has countinued to grow at an impressive rate," the president said.
The country's food inflation touched a decade's high of about 20 per cent in December before moderating to around 18 per cent in February.
The president's speech to the joint session of parliament lays down the government's priorities for the year and sets the tone for the February 26 budget.
Is Chinese economy still really bigger than India's?
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Will the economy be able to manage well if stimulus measures are withdrawn?
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