Strong domestic demand needed for growth: Mukherjee
November 10th, 2009 - 5:31 pm ICT by IANS
New Delhi, Nov 10 (IANS) India will continue investing in agriculture, infrastructure and power to create demand and ensure internal growth till the developed economies witnessed a recovery, Finance Minister Pranab Mukherjee said Tuesday.
“In due course, we shall have to take corrective measures. But I do feel a strong domestic demand is necessary and we are working to ensure this,” Mukherjee said at the World Economic Forum’s India Economic Summit here.
Maintaining that any protectionist measures would only dampen the economic revival process, he said fiscal measures would have to continue till the developed economies revived.
“To generate domestic demand, the government has to continue fiscal measures for some more time,” Mukherjee said.
The finance minister also said India’s economic growth would touch 9 percent by 2012.
“I think before the end of the 11th Plan (ending 2012), we will be reach a growth of 9 percent,” he said.
“By next year, we would be able to sustain 7 percent, 8 percent the year after and thereafter the momentum would gather and it would be possible to have 9 percent to 10 percent in the next two years of the 11th Plan period”.
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Tags: agriculture infrastructure, corrective measures, economic growth, economic revival, economic summit, finance minister, fiscal measures, India, momentum, New Delhi, plan period, pranab mukherjee, protectionist measures, world economic forum
