Singh sees 9-10% growth next fiscal
Prime Minister Manmohan Singh on Saturday said the Indian economy would record 8.5 per cent growth during the current fiscal and is expected to grow at the rate of 9 to 10 per cent from the next financial year despite the “uncertain” global scenario.
Addressing the 9th Pravasi Bharatiya Divas here, he said high growth rate was vital to fund ambitious social development schemes.
“Despite the uncertain global economic scenario, I am happy that our economic recovery is progressing well,” Dr Singh told the congregation of about 1,500 members of the Indian diaspora who have converged here from across the world for the three-day annual event.
“In the last two quarters, our growth rate has been 8.9 per cent and we expect that for the entire year, it will be around 8.5 per cent,” he said, adding, “We expect that from the next year onwards we will be able to grow at a rate between 9 and 10 per cent.”
The PM told the NRIs and PIOs from 51 countries, including businessmen, economists and scientists, that the Indian diaspora should have deeper engagement in the country’s development process.
***
Pranab: Firm steps to check inflation
New Delhi, Jan. 8: Attributing rising inflation partly to stimulus and increasing global commodity prices, finance minister Pranab Mukherjee on Saturday said the government was committed to take all steps to moderate price rise.
“We have to take all the necessary steps to keep inflation at moderate levels,” he said while speaking at the 9th Pravasi Bhartiya Divas here. He said the stimulus provided by the government to boost the economy in the aftermath of the global financial meltdown, among other things, was also responsible for rising prices.
“In economy, every action has reaction. We have to face a situation where fiscal expansion led to rise in fiscal deficit ... That led to unstable price regime coupled with the global commodity price increase. (These) are the current challenges of the policy makers,” he added.
Led by spurt in prices of onions and other vegetables, the food inflation jumped to a year’s high level of 18.32 per cent on December 25. —PTI
Post new comment