Chidambaram predicts upturn by year-end
Business Standard, March 7, 2009, Page 2
BS Reporter / Mumbai
Home Minister P Chidambaram today said that the country’s economy was expected to show an upturn by third or fourth quarter of 2009-10 and registering a 9 per cent growth by 2011.
While the economy is projected to expand by 7.1 per cent this year, the third quarter gross domestic product growth is estimated at 5.3 per cent. This would mean that the economy has to grow by 7.6-7.7 per cent during January-March, Chidambaram said, adding that it was something that looked difficult.
The minister was speaking at a conference organised by the International Bar Association. “Even until about two-three months ago, we were pretty confident that we will navigate this difficult year and end with a growth of a little over 7 per cent. In the first half of the current fiscal year, growth was 7.8 per cent. We were hoping that in the second half we will do 6.5 per cent. But the results of our third quarter GDP growth have been quite depressing,” he said.
Blaming the Western economies for weak regulation and being the originators of global economic crisis, Chidambaram said that regulations must always remain a step ahead of innovation.
Business Standard, March 7, 2009, Page 2
BS Reporter / Mumbai
Home Minister P Chidambaram today said that the country’s economy was expected to show an upturn by third or fourth quarter of 2009-10 and registering a 9 per cent growth by 2011.
While the economy is projected to expand by 7.1 per cent this year, the third quarter gross domestic product growth is estimated at 5.3 per cent. This would mean that the economy has to grow by 7.6-7.7 per cent during January-March, Chidambaram said, adding that it was something that looked difficult.
The minister was speaking at a conference organised by the International Bar Association. “Even until about two-three months ago, we were pretty confident that we will navigate this difficult year and end with a growth of a little over 7 per cent. In the first half of the current fiscal year, growth was 7.8 per cent. We were hoping that in the second half we will do 6.5 per cent. But the results of our third quarter GDP growth have been quite depressing,” he said.
Blaming the Western economies for weak regulation and being the originators of global economic crisis, Chidambaram said that regulations must always remain a step ahead of innovation.
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