Q2 growth not disappointing in view of global slowdown: Pranab

Nov 30, 2011 |

New Delhi

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Finance Minister Pranab Mukherjee on Wednesday said 6.9 per cent economic growth in the second quarter was not disappointing in view of global developments and the government will continue to adjust its policies to maintain growth in the medium-term.

"Taking into account (the trend) of the last two quarters together, it appears that the GDP growth would be around 7.3 per cent," Mukherjee told reporters, saying, "The growth performance is not all that disappointing."

GDP growth in 2010-11 stood at 8.5 per cent. "Going forward, (I am) confident that we will be recovering some of the loss in our growth momentum," he said.

GDP growth in the second quarter of the fiscal slowed to 6.9 per cent from 8.4 per cent in the corresponding period last year, mainly on account of a decline in mining and manufacturing output.

He said the Indian economy is battling both global and national problems and this is getting reflected in the mining and manufacturing figures.

"We are having multiple problems... slow growth of Europe and America... problems within the country and outside the country as well," Mukherjee said, adding, "We shall have to try to face the situation and to see what best we can do at this given situation."

Mukherjee said the decline in GDP growth is mainly on account of a slowdown in the manufacturing, mining and construction sectors.

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