Faced with the impact of the global downturn as well as drought, the government said it would take longer time for the country to achieve the 9% growth as witnessed before the financial crisis hit the world in September 2008.
Mr Pranab Mukherjee finance minister participating in a function organized by a private TV channel said that "To achieve 9% growth will require little longer time.”
He said that this fiscal we will have 6 per cent plus growth. Whether that will be 6.5 or 6.2% I cannot say. To achieve 7% to 8% will be possible in the short term."
The ministry promising to continue reforms in various sectors of the economy said that the process which began in the early 90s will continue in the right earnest so that the economy is back on the path of 9% growth at the earliest.
Having grown by 9% during the three years ending March 2008, India's economic growth rate slipped to 6.7% during 2008-09 mainly on account of the impact of the global financial crisis.
With 246 districts out of a total of about 600 facing drought, the growth rate is estimated to decelerate further to little over 6%. The Reserve Bank of India in its first quarterly review of the credit policy projected 6% growth rate for the current fiscal with upward bias.
(Sourced from Financial Express)
Tuesday, August 25, 2009
Macroeconomic indicators -9pct growth will require longer time - FM
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