Growth momentum will continue: Pranab
July 6th, 2011 - 9:55 pm ICT by IANS
New Delhi, July 6 (IANS) Despite the recent slowdown, Finance Minister Pranab Mukherjee said he was hopeful that the country will achieve its growth target of over 8.5 percent in the current fiscal.
“The overall GDP (Gross Domestic Product) growth in 2010-11 is estimated at 8.5 percent and there is no reason why this momentum cannot be maintained in 2011-12 and improved further in the coming years,” Mukherjee said at an award function here.
Referring to a survey by the Organisation for Economic Cooperation and Development (OECD), the finance minister said the current growth potential of India is close to 9 percent and the country is capable of sustaining high growth of 10 percent or more annually.
“There are several forecasts which predict that India’s growth will start to outpace China’s within three to five years and continue at a faster rate than any other large country over the next 20 to 25 years,” he said.
Industrial output growth slowed to 6.3 percent in April, prompting the analysts to say that the targeted growth of 8.75 percent to 9.25 percent would not be achieved during the current fiscal.
In the union budget, the finance minister pegged the economic growth in the range of 9 percent (plus or minus 0.25 percent) for fiscal 2011-12.
- 8.2 percent growth projection not disappointing: Pranab - Aug 02, 2011
- Economic growth data disappointing, says Pranab - Aug 30, 2011
- Indian economy hit by high inflation, slowing growth (2011 in Retrospect) - Dec 28, 2011
- Indian economy in a difficult situation: Pranab - Dec 07, 2011
- India to target 7.5-8 percent growth in 2012-13: Pranab - Feb 23, 2012
- Inflation will remain at same level: Pranab - Apr 17, 2012
- Government blames domestic economic woes on global uncertainties (Roundup) - Dec 09, 2011
- Inflation will ease in 2011-12's second half: Minister - Aug 23, 2011
- Indian economy to grow at 8.5% rate in 2010-11, says Pranab - Sep 16, 2010
- Economic Survey 2011-12 highlights - Mar 15, 2012
- India downgrades 2011-12 economic growth to 7.5 percent - Dec 09, 2011
- Indian economy may grow 9 percent in Oct-Dec quarter - Nov 30, 2010
- Budget promises reforms, growth-focus, inflation-check (Second Lead) - Feb 28, 2011
- Economic growth may cross 9 percent in 2010-11: Mukherjee - Dec 07, 2010
- Low fiscal deficit will boost private investment: Mukherjee - Mar 04, 2011
Tags: china, development oecd, economic cooperation, economic growth, finance minister, gdp, gross domestic product, growth momentum, growth target, India, New Delhi, organisation for economic cooperation and development, pranab mukherjee, slowdown, union budget