Economy

Govt to push reforms; economy to grow by 7.5% in FY’12: Pranab

PTI New Delhi | Updated on March 12, 2018 Published on December 23, 2011

Asserting the government was committed to pushing reforms like PFRDA and foreign investment in retail, Finance Minister Mr Pranab Mukherjee on Friday said it would strive to build political consensus on broader issues and hoped the economy would grow by 7.5 per cent this fiscal.

In the light of global economic outlook amid the eurozone crisis and slow recovery in the US, “when I am talking of 7.5 per cent (economic growth) I am not disappointed,” he said at the annual general meeting of the industry chamber PHDCCI.

India clocked GDP growth of 8.5 per cent in 2010-11.

Raising the issue of policy reforms, he said, “commitment on FDI, PFRDA, all the major legislations, which are part of the new generation reforms, are very much in the mind of the government. We are working hard to build consensus“.

The Finance Minister said volatility in the global commodity prices and the high domestic inflation was adversely impacting the Indian economy.

“Situation is difficult... but at the same time we have the capacity and resilience to overcome the difficulty collectively,” Mr Mukherjee said.

Though there are challenges on the fiscal front, he said “the challenges are to be overcome collectively by appropriate policies, effectively implementing it...”.

However, he cited lack of numbers to push legislations.

“We decided to have PFRDA legislated in this session of Parliament but could not do so ... not because of lack of intention or commitment... you have to recognise the very hard fact that legislation requires numbers which unfortunately Indian electorate had not given to us,” Mr Mukherjee said.

Published on December 23, 2011
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