Indian finance minister expressed optimism that it would be possible to clock over 6% growth rate in the current fiscal and said there is no scope for anxiety in pursuing reforms in financial sector and disinvestment.
Mr Pranab Mukherjee said that "In the last five years, the GDP growth rate was 8%. It was 6.7% in 2008-09. This year, it would be difficult to say because of drought. If there is no major difficulty or constraint, it would be possible to have a 6% plus of GDP in 2009-10.”
He said last year had been particularly difficult in the second half because of high prices of petroleum products, high rate of inflation and global financial crisis.
Mr Mukherjee said excess liquidity had to be mopped up and the two packages announced by the Prime Minister late last year and subsequent pacakges in the wake of the meltdown had helped arrest the fall in growth.
After referring to drought and other problems, he said another area of concern was that people were commenting about the reforms agenda. He said that "Reforms are a continuous process. It is going in the right direction. There is no scope for anxiety about pursuing financial sector reforms."\
http://www.steelguru.com/news/index/2009/09/07/MTEwNTE1/Macroeconomic_indicators_-_Economy_will_clock_over_6_pct_-_FM.html
Monday, September 7, 2009
Macroeconomic indicators - Economy will clock over 6 pct - FM
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