Wednesday, December 1, 2010

9% growth possible in this fiscal

Pranab Mukherjee
In the second quarter ended in September economic growth was recorded at 8.9% much better in recent times. Between years 2005 and 2008 India has booming economy with growth rate in 9% plus figures and it stayed for long time, so can it be revived again this year? Major reason behind this growth of  8.9% in this quarter is due to the good monsoon rain and boom in agriculture sector.

In the data released today by the Central Statistical Organisation revised the first-quarter growth figures from 8.8 per cent to 8.9 per cent. This has revived the hope for 9% growth in whole financial year and can be sustained for some time due to good monsoon and boom in other sectors too. India's finance minister, Pranab Mukherjee, told media that International Monetary Fund's projection of 9% growth for India may be correct for now.

Apart from farm sector recovery in services sector also helped achieve growth rate close to 9%. There is more than 8% growth for three straight quarters now and it may help to achieve overall 9% growth this fiscal year. Policymakers said they would revise upwards the growth estimate for 2010-11 after looking at the recent growth figures released by CSO.


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