Pranab sees increase in investment, growth at 9%
Finance Minister Pranab Mukherjee said the economy would soon return to the 9% growth trajectory, helped by various measures announced in the Union Budget 2010-11.
By ET Bureau |
NEW DELHI: Finance Minister Pranab Mukherjee said the economy would soon return to the 9% growth trajectory, helped by various measures announced in the Union Budget 2010-11. He said the economy would post 8.25-8.75% growth in the current fiscal after recording 7.2% growth in 2009-10, which is impressive by global standards.
“The good news is that the world economy today seems to be recovering from the severe crisis,” Mr Mukherjee said at a SIDBI function here on Friday.
“The fast-paced recovery of the Indian economy underscores the effectiveness of the policy response of the government in the wake of this financial crisis,” he said.
Last year was a difficult one as the world was still in the throes of the financial crisis, Mr Mukherjee said.
The finance minister’s growth forecast for 2009-10 is in line with the projection made by the Central Statistical Office, although it is lower than the 7.5% forecast by RBI’s policy review in January.
“I am optimistic that the measures I have outlined in this year’s budget will revive private investment and put the economy back on the growth path,” Mr Mukherjee said.
Prime Minister Manmohan Singh had said at a function organised by the central bank that the economy would get back to 9% growth by the end of the Eleventh Five Year Plan period, and do even better after that.
After clocking 9% plus growth for three continuous years till 2007-08, the country’s GDP grew by a relatively modest rate of 6.7% in 2008-09 on account of the international financial crisis.
“The good news is that the world economy today seems to be recovering from the severe crisis,” Mr Mukherjee said at a SIDBI function here on Friday.
“The fast-paced recovery of the Indian economy underscores the effectiveness of the policy response of the government in the wake of this financial crisis,” he said.
Last year was a difficult one as the world was still in the throes of the financial crisis, Mr Mukherjee said.
The finance minister’s growth forecast for 2009-10 is in line with the projection made by the Central Statistical Office, although it is lower than the 7.5% forecast by RBI’s policy review in January.
“I am optimistic that the measures I have outlined in this year’s budget will revive private investment and put the economy back on the growth path,” Mr Mukherjee said.
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Prime Minister Manmohan Singh had said at a function organised by the central bank that the economy would get back to 9% growth by the end of the Eleventh Five Year Plan period, and do even better after that.
After clocking 9% plus growth for three continuous years till 2007-08, the country’s GDP grew by a relatively modest rate of 6.7% in 2008-09 on account of the international financial crisis.
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