India expects economy to grow around 7.5 percentNovember 18th, 2008 - 9:08 pm ICT by IANS
New Delhi, Nov 18 (IANS) Despite an uncertain economic outlook, India is expected to grow around 7.5 percent this fiscal, a top government official said here Tuesday.”Though everything is uncertain, we should grow somewhere between seven and 7.5 percent in the current financial year,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters on the sidelines of the India Economic Summit.
However, we should not be hung up on a particular number, he added.
On inflation, he said: “Seeing the current trend, the inflation will certainly go down more.”
Commenting on Finance Minister P. Chidambaram’s request to the industry to cut down prices to spur demand, Ahluwalia said: “Whenever there is a shortage of demand, there is a pressure to lower prices.”
The prices of most of the products have already come down, he added.
“We need to make stronger efforts in promoting exports and also to increase public expenditure,” he said.
It is important that the economy grows and gets back to normal. However, it is not possible to give specific forecast for growth, Ahluwalia explained.