The Hindu Business Line : Global meltdown will not halt our growth: Montek

Going strong: Union Minister for Commerce and Industry, Mr Kamal Nath, and the Deputy Chairman of Planning Commission, Mr Montek Singh Ahluwalia, at the TiE Enterpreneurial Summit 2007 in the Capital on Tuesday. —

Our Bureau

New Delhi, Dec. 11 The global meltdown is unlikely to affect the country’s economy and it is likely to continue its present momentum. The economy is likely to witness a 8.5-9 per cent growth during the current fiscal, the Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia, said.

“This is a period of global upswing. An economic slowdown will not affect the medium-term growth prospects. Our target for the next five years is a 9-10 per cent growth, taking into account the global uncertainties,” he said, while addressing the ‘Tie Entrepreneurial Summit 2007’ here on Tuesday.

Inclusive growth

Observing that inclusive growth is the need of the hour, Mr Ahluwalia said the benefits of economic progress should trickle down to the rural areas as well.

“The Government policies would focus on agriculture, health, infrastructure and education,” he said adding, “we recognise that infrastructure is not competitive enough. Unlike China, which has planned ten years ahead, we still have a long way to go”.

On skill development, Mr Ahluwalia said the Government will soon announce a skill development mission to enhance employability. Public-private partnership will also be looked at in a big way to plug the gaps in sectors needing immediate attention.

Shortage of skilled workforce

Mr Pradeep Udhas, KPMG Head Markets (India), said the skilled workforce is a key element for any entrepreneurial venture. “There is tremendous shortage of skilled workforce,” he said, speaking on the yet-to-be released study on ‘Indian Entrepreneurial Confidence Index’, jointly conducted by global consultancy KPMG and The Indus Entrepreneurs (TiE), a non-profit organisation promoting entrepreneurship.

The study was conducted after interviewing 300 entrepreneurs who have their start-ups at different levels of growth. It covered 10 States — Gujarat, Maharashtra, West Bengal, Rajasthan, Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Delhi and Uttar Pradesh.

Mr Saurabh Srivastava, President, TiE Delhi, said: “We want to drive the importance of entrepreneurship in India by showcasing the contribution of various enterprises to the nation’s economic growth.”