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Economy to grow at 7%, if rains don’t fail: Tendulkar
Prof Suresh Tendulkar
Our Bureau
New Delhi, June 29
The economy will grow at 7 per cent if the monsoon does not fail. This is according to the Chairman of the Prime Minister’s Economic Advisory Council, Prof Suresh Tendulkar.
Speaking to newspersons after an event to celebrate the first Statistics Day, Prof Tendulkar said that by the end of the current fiscal, the economy could grow by 7 per cent.
On the delay in monsoons, he said, “It’s too early to press the panic button.” He added that if monsoons do not fail then the Wholesale Price Index would remain at around 5-6 per cent till the current fiscal.
He expressed confidence in the economy and expected a recovery by September. Prof Tendulkar also added that the Consumer Price Index is not a cause of concern and that it has already started to come down.
Mr Pronab Sen, Secretary, Ministry of Statistics and Programme Implementation, put to rest any doubts about foodgrains prices increasing in the event of a delay in monsoons. “India’s wheat stocks are sufficient. A delay longer than 15 days in the coming of monsoon might affect foodgrain output, but prices would remain unaffected.”
According to the Food Corporation of India’s Web site, India’s wheat stock as of March 31, was 131.73 lakh tonnes.
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