Industrial growth must improve to drive economy: Montek

August 12th, 2008 - 3:03 pm ICT by IANS  

New Delhi, Aug 12 (IANS) Planning Commission deputy chairman Montek Singh Ahluwalia Tuesday said there was need to improve the industrial growth rate if the economy had to register around eight percent growth rate. “I do agree that the growth in industrial sector is rather slow. We need to improve it to maintain the growth momentum of eight percent or above,” Ahluwalia told IANS.

“There is no doubt that economy will be slower this year than it was last year”.

At the same time, he said it was still possible for the economy to grow around eight percent in the current fiscal.

According to Ahluwalia, the industrial production growth rate of 5.4 percent in June should not be taken as a setback to the economy.

“One month’s industrial growth rate cannot and should not be taken as an indicator of the final growth rate in the current fiscal,” he said.

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