The Hindu Business Line : Economy poised for higher growth: Jaswant

THE Indian economy is poised to achieve higher growth rates in the coming years what with a growth pattern having been established, according to the Union Finance Minister, Mr Jaswant Singh.

"The country will reach double-digit growth in single-digit years", the Minister said at a meet-the-press programme on Monday.

He added that the GDP recorded 10.4 per cent growth in the third quarter and this was the highest growth rate in the world for a country like India.

"This is sustainable," he said, adding that the projected growth of more than eight per cent for 2003-04 would be achieved.

The fiscal deficit as a percentage of GDP projected at 4.6 per cent was the best in the last 4-5 years.

Moreover, the target of achieving zero revenue deficit by 2007, as contained in the Fiscal Management and Budgetary Reforms Act, was realisable within the time-frame, Mr Singh said.

To a question, he said the growth figures were not a "figment of my imagination. They have been arrived at by the Central Statistical Organisation."

Besides, the country's economic growth had been acknowledged by other national and international agencies.

To another question on the `India Shining' campaign, he said that it was part of the Rs 100-crore India Development Initiative approved by Parliament. "The programme was aimed at projecting internationally the great strides made by India, while it was meant to be an information campaign within the country."

On the meagre drought relief assistance extended by the Centre to Kerala, the Minister said that he had already held talks in this regard with the Chief Minister and the State Finance Minister.