Farm sector must grow at 4 percent, says Mukherjee
December 23rd, 2009 - 2:35 pm ICT by IANS
New Delhi, Dec 23 (IANS) For India to achieve equitable growth, farm output will have to expand at 4 percent yearly, said Finance Minister Pranab Mukherjee here Wednesday.
“Our agricultural growth should be at 4 percent so that there is a balanced growth,” Mukherjee said at the 104th annual session of the PHD Chamber of Commerce and Industry.
The finance minister, however, said the agriculture sector would end up growing at a slower pace due to the adverse effect of inadequate monsoons and drought earlier in the year.
“There has been a downtrend in agriculture growth because of unexpected flood and drought. It was 2.5 percent in the first quarter of this fiscal and one1 percent in the second quarter. I do not know what it is for the third quarter.”
When asked when the government planned to withdraw the stimulus package extended to trade and industry, Mukherjee said: “You will have to wait till the budget.”
The finance minister was also cautious in his response to the signs of a turnaround in the export sector.
“Exports in November have been encouraging, but at the same time, we cannot expect a robust turnaround unless there is a robust growth in the US, Europe and Japan, which is 60 percent of our export markets.”
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Tags: adverse effect, agricultural growth, agriculture sector, chamber of commerce, chamber of commerce and industry, drought, equitable growth, export markets, export sector, farm sector, finance minister, first quarter, flood, monsoons, New Delhi, pranab mukherjee, robust growth, second quarter, stimulus package, turnaround
