Economic growth to recover next fiscal, assures Montek
The Economic Times, February 20, 2009, Page 10
Piyush Babele NEW DELHI
PLANNING Commission deputy chairman Montek Singh Ahluwalia has said the next financial year will be the year of economic recovery and the Indian economy is expected to grow between 6.5% and 7% in 2009-10. “The growth next year is expected to be more than the growth witnessed in the second half of current financial year. This would mean that the economy is on the path of recovery,” he told ET Hindi on its first anniversary.
For India, this is the first year of economic slowdown, mainly for the services sector and the manufacturing sector. The slowdown is due to external forces and not due to country’s economic policies, Mr Ahluwalia said. But India has left no stone unturned to avert the economic downturn, he added.
He said the impact of the global slowdown on the Indian economy was negligible in the first half of the current financial year, but the growth dipped in the second half. “The government has taken several steps that would improve the condition of the economy in the next financial year,” Mr Ahluwalia said.
“When we talk about the current economic situation, we should not forget that despite slowdown India is still the second-fastest growing economy of the world. We must also see the economic growth from another perspective. Even if we combine this year’s growth rate with the previous year; the figure will be higher than the 6-6.5% growth rate achieved during the NDA government,” he said.
Mr Ahluwalia expressed satisfaction the slowdown had not hit the farm sector and was limited to modern forms of the economy. “In this background, the government will invest in the infrastructure sector and NREGA. These schemes will strengthen the economy,” he said.
The Economic Times, February 20, 2009, Page 10
Piyush Babele NEW DELHI
PLANNING Commission deputy chairman Montek Singh Ahluwalia has said the next financial year will be the year of economic recovery and the Indian economy is expected to grow between 6.5% and 7% in 2009-10. “The growth next year is expected to be more than the growth witnessed in the second half of current financial year. This would mean that the economy is on the path of recovery,” he told ET Hindi on its first anniversary.
For India, this is the first year of economic slowdown, mainly for the services sector and the manufacturing sector. The slowdown is due to external forces and not due to country’s economic policies, Mr Ahluwalia said. But India has left no stone unturned to avert the economic downturn, he added.
He said the impact of the global slowdown on the Indian economy was negligible in the first half of the current financial year, but the growth dipped in the second half. “The government has taken several steps that would improve the condition of the economy in the next financial year,” Mr Ahluwalia said.
“When we talk about the current economic situation, we should not forget that despite slowdown India is still the second-fastest growing economy of the world. We must also see the economic growth from another perspective. Even if we combine this year’s growth rate with the previous year; the figure will be higher than the 6-6.5% growth rate achieved during the NDA government,” he said.
Mr Ahluwalia expressed satisfaction the slowdown had not hit the farm sector and was limited to modern forms of the economy. “In this background, the government will invest in the infrastructure sector and NREGA. These schemes will strengthen the economy,” he said.
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