Indian Economy will grow at 9%
New Delhi: With clear signals of an all-round upturn, thanks to the fiscal stimulus measures since December 2008, the Indian economy will grow at 8.25-8.75 per cent this fiscal, speeding to 9 per cent soon, said Finance Minister Pranab Mukherjee.
“The recovery is also broad-based across industry, services and agriculture,” Mukherjee said, inaugurating the annual Economic Editors’ Conference here, attended by some 300 journalists from across India.
The Minister said India was expected to grow at 8.25-8.75 per cent this fiscal as the economy was gaining momentum from the pre-crisis period that started in 2008, due to one of the worst global slowdowns in nearly eight decades.
“Our intent now is for gradual exit from the stimulus measures,” Mukherjee said. “Fiscal consolidation is needed, but it should be calibrated. Exit should be country-specific.”
India’s gross domestic product had expanded by 8.8 per cent in the first quarter of this fiscal, led by a robust 12.4 per cent expansion in the manufacturing sector. The economy had expanded by just 6 per cent in the corresponding period of last fiscal.
“In the short term, it is reasonable to expect that the economy will go back to the robust growth path of around 9 per cent average that it was on before the global crisis slowed it down in 2008,” Mukherjee said.
“To begin with, there has been a revival in investment and private consumption demand, though the recovery is yet to attain the pre-2008 momentum. Second, Indian exports have recorded impressive growth since November-December 2009.”
The Minister said there was a revival of both investment and consumption demand that will augur well for industry, even as the country’s exports had started picking up from November last year and capital market conditions had improved vastly.
He also said the fiscal deficit target of 5.5 per cent for this fiscal will be met.
The Minister also touched upon the reforms process and said the divestment was on track, seen by the overwhelming response to the Coal India public offer, the Direct Taxes Bill was being considered by Parliament and fuel pricing has been made flexible.
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Padam
October 28, 2010 at 8:27 am
What’s the use this one sided growth. Richer is getting richer and the poorer is getting poorer. We want employment and good health and education not growth on papers
Jai Hind!!
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Vissionary
November 22, 2013 at 6:37 am
Excellent – Hope AGARTALA emerges as new cyber city of INDIA !!
Really hope leadership in CENTER, TRIPURA Govt and Other Concerned DIGNITARIES takes a FUTURISTIC and PROGRESSIVE approach and goes BIG to put TRIPURA in the GLOBAL IT RADAR and transform into next IT and Technology powerhouse of INDIA !!
Really hope BUSINESS CONGLOMERATES establishes their presence in TRIPURA which shares boundaries with Bangladesh and have a direct proximity (through Mizoram) with Myanmar and Southeast Asia!
Not a single High Tech corporate, Big IT MNCs, Renowned HOSPITAL Chains, BEST of Higher Educational Institutes, World Class (5 Star) Hotels and Luxury Shopping Malls have presence in TRIPURA – Being the 2nd highest POPULUS state in NE and literacy rate crossing 90% (no of unemployment stands 6 lakhs!), need of the hour is to set up IT zones, Industrial corridors (in the line of DELHI-MUMBAI corridor) with invitation to Big IT MNCs (IBM,Accenture,TCS, Infosys, Wipro,HCL,Cognizant), World Class Hospital Chains (FORTIS, APPOLO,MANIPAL), World Class Hotel Chains (Taj, Leela, Oberoi, ITC), world class Retail outlet chains (Walmart, IKEA, Pantaloons,Shoppers Stop, Croma, Reliance Retail etc) to set up their presence at AGARTALA!
TRIPURA is also home to massive talent pool with combination of huge number of working professionals (working in other Metros and abroad currently), local educated youths, youths (and working professionals) from neighboring NORTHEAST states and legal working professionals from Bangladesh and Neighboring countries!
IMPOSSIBLE – just means I AM POSSIBLE! If India need to catch up with developed part of the world,the most strategically placed Northeast (especially TRIPURA) need to be made into a developed region in the shortest possible time!
I strongly believe TRIPURA govt (in close co-ordination with Center, other concerned dignitaries & all corporate vissionaries) can certainly achieve this sooner rather than late, which would definitely give its people a better employment opportunities, a better healthcare, a better access to quality education, a quality lifestyle, and last but not the least a confident and connected TRIPURA leading India’s charge towards contributing to a more stable and stronger global economy!!