India will achieve 9% GDP in 18 months: FM
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Last Updated: Saturday, July 25, 2009, 23:42
  
Panaji: Finance Minister Pranab Mukherjee on Saturday said India would be back in the 9 per cent growth trajectory in the next one and a half years as a result of stimulus measures announced by the government.

"There are certain economic measures taken which will start showing their results in the next one and a half years.

Over this period, we will be able to come back to the 9 per cent GDP growth," Mukherjee told a gathering of industry captains in Goa.

The Finance Minister accompanied by Chief Minister Digamber Kamat addressed two official functions in the state on Saturday that also included inauguration of India's unique museum conceptualised and executed by the Customs and Central Excise Department.

Mukherjee, during the interaction with Goa's top-most industrialists, said that the government has injected substantial money into the system that will start showing the results in months to come.

Reminding of the two stimulus packages offered by the Centre in December-January soon after the world leaders summit and subsequent package after the interim Budget, Mukherjee said that Rs 1,86,000 crore have been injected into the economy.

"These methods have already started yielding results and we have been able to arrest further deterioration of the economic situation," the minister said.

He stated that the results are already visible on certain sectors like manufacturing units whose growth is slow but steady and fields like mobile telephones which are improving.

"Full picture will be clear only in September, this year," Mukherjee added.

The Finance Minister said that the UPA government has invested money in the rural economy and also stepped up investment in infrastructure so that higher growth can be achieved.

Explaining how India's economy has faced fragile situation in the past, Mukherjee said that from 1951 to 1971, the country's growth rate was 3.5 per cent average which went up to 5.2 per cent in 1980s. Early 90s saw 9.6 per cent growth which was later affected due to world economic slowdown.

Bureau Report


First Published: Saturday, July 25, 2009, 23:42


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