6.5-7% economic growth possible this fiscal: Montek
Quotes

6.5-7% economic growth possible this fiscal: Montek

Last Updated: Saturday, July 07, 2012, 20:58
 
 Comment 0
 
6.5-7% economic growth possible this fiscal: Montek
Chandigarh: A 6.5-7 percent economic growth for India this fiscal is a possibility and would be a good performance going by the adverse global conditions, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Saturday.

".. With a bit of luck, we can meet the growth somewhere between 6.5-7 percent, which would be a very good performance in a situation where the whole global economy is badly hit," he said.

Ahluwalia was speaking during the Golden Jubilee celebrations of the Post Graduate Institute of Medical Education & Research (PGIMER) here.

He said initially the GDP growth was expected to be around 7-7.5 percent for current fiscal, when the budget was being finalised.

"But I think the growth rate has slowed down, not only in India, but everywhere. I don't expect that kind of growth this year", Ahluwalia said.

On monsoon, he said: "It is true that the monsoon is weak so far..Delay in monsoon does not by itself mean that it will not recover. A lot depends on what happens in the next three months, I would not reach any adverse conclusion from what you have seen so far".

The cumulative rainfall in the month of June had been about 30 percent lower than normal.

Even global financial services major, Citigroup, has expressed fear that Indian economy could see a slower growth at 5.6-6 percent during the current fiscal if monsoon remains poor.

Ahluwalia also said there was a dire need to increase government spending on health care.

PTI



First Published: Saturday, July 07, 2012, 20:04


Comments


comments powered by Disqus
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune
World Bank`s Top 10 Places for Business
World Bank`s Top 10 Places for Business
India`s top ten billionaires
India`s top ten billionaires
Top 10 billionaire cities- In Pics
Top 10 billionaire cities- In Pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved