Economic growth to be at 9% in 2011-12 fiscal

PTI New Delhi | Updated on February 28, 2011 Published on February 28, 2011

India’s economy will revert to the pre-crisis growth level of 9 per cent in the next financial year.

“The Indian economy is expected to grow at 9 per cent with outside band of (+/-) 0.25 per cent in 2011-12,” the Finance Minister, Mr Pranab Mukherjee, said while unveiling the Budget proposals for 2011-12.

He said the Indian economy has regained the pre-crisis growth momentum, but there is a need for adjustment in the composition in demand and supply side.

“We have to ensure along with private consumption, revival in private investment is sustained and matches the pre-crisis growth rates at the earliest,” the Minister said.

Indian economy has already reverted to the high growth path recorded by 8.9 per cent in the first half of the current fiscal.

As per the CSO data released today, in the third quarter (October-December) the country’s Gross Domestic Product (GDP) grew at 8.2 per cent. In the current fiscal, the economy is expected to expand by 8.6 per cent.

Even the pre-Budget Economic Survey tabled in Parliament last week expected the real GDP to grow by 9 per cent (+/-0.25) in 2011-12. For the current fiscal, the economy is expected to grow at 8.6 per cent, it said.

The Indian economy had grown at a rate above 9 per cent for three consecutive years, starting 2005-06, before the global financial meltdown brought it down to 6.8 per cent in 2008-09.

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Published on February 28, 2011
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