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Hopeful of better GDP growth in 2013-14 fiscal: Montek

Last Updated: Saturday, March 2, 2013 - 10:05

New Delhi: Expressing disappointment at poor third quarter GDP growth, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday said he is hopeful of a better show next financial year as the Budget has been made on an estimate of 6.5 percent growth.

"The GDP figure of 4.5 percent for the third quarter of the current fiscal is of course disappointing. I hope the figures will be better than this because these are preliminary estimates...But the government has agreed that this year our growth performance has been somewhat weak," Ahluwalia told reporters here.

In October-December quarter, growth slipped to the decade's lowest owing to weak performance of agriculture, mining and manufacturing sector.

"Now the real issue is if we can improve the growth in the year 2013-14. And we hope that we will be able to improve it. The budget has been made on an estimate of 6.5 percent growth in the next fiscal," Ahluwalia said.

Referring to Finance Minister P Chidambaram, he said: "Many things are in process and until those things are final, he cannot announce those things in the Budget. But we hope whatever are the things in process, decision will be taken in the next 3-5 months and we will be able to know what can be done.

"The Finance Minister himself said he is doing something for financial inclusion and there are many other things as well."

In reply to a question about benefits of Direct Benefit Transfer scheme, Ahluwalia said it will be good for the intended beneficiaries.

"I think DBT scheme will work for the benefit of the intended beneficiaries. It will remove the middlemen and money will be transferred directly to the beneficiary account. And the second thing is that if these transfers are done on the basis of Aadhaar numbers, duplication will be avoided and this will be a very important thing," Ahluwalia added.


First Published: Saturday, March 2, 2013 - 10:02
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