Industry & Economy
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Economy
We may not meet 10th Plan targets, says Pranab
Our Bureau
Kolkata
,
Sept. 28
THE Union Defence Minister, Mr Pranab Mukherjee, conceded here today that there may be a "slippage in meeting the 10th Plan targets".
Mr Mukherjee told while addressing the 104th AGM of the Bharat Chamber of Commerce that achieving an aggregate 8 per cent GDP growth rate during the Plan period was possible only if unutilised and underutilised capacities in the economy were put to productive use. He also ruled out softening of interest rates further. "The high revenue deficits will continue to keep the proposals for interest rate reduction at bay," he commented.
The senior UPA Cabinet Minister, however, felt that a smart recovery in agriculture sector, particularly in rabi crop, might get the economy out of the woods for the current fiscal. However, he cautioned that the rise in price of crude oil, psychological effect of a shortfall in rains and its perceived impact on the agriculture would continue to exert pressure on prices. The Minister said that inflation control measures had been taken by the Central Government by reducing excise duty on the petroleum products. But he seemed to be critical of a "delay by the RBI" in removing the huge forex overhang in the financial system.
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