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Downturn arrested; economy to maintain 6.7 pc growth: FM

Last Updated: Wednesday, July 29, 2009 - 22:36

New Delhi: With arrest of the downturn and revival in the manufacturing sector, Finance Minister Pranab Mukherjee today said he expects the economy to grow by 6.7 per cent in the current year.
"Downturn has been arrested...It is possible to maintain the growth momentum ...(and) achieve desired level of growth", he said while winding up the debate on the Finance Bill in the Rajya Sabha which returned the bill thus completing the process of Budget exercise.

Noting that signals of pick-up are visible in sectors like steel, cement and construction, Mukherjee said, "We have ended 2008-09 at 6.7 per cent. I do hope, this level of growth, we will be able to maintain (in 2009-10)."

The Reserve Bank of India yesterday projected a growth rate of six per cent with upward bias. Mukherjee said even though RBI`s projection are conservative, it has upgraded the outlook of the economy.

Even the international agencies like the International Monetary Fund (IMF) were of the opinion that Indian economy would grow at six plus GDP growth rate, the minister said.

On concerns raised by the members on black money stashed abroad, the government was in the process of amending the double taxation treaties with almost 100 countries to provide for a legal framework for exchange of information on the menace.

Bureau Report

First Published: Wednesday, July 29, 2009 - 22:36
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