Economic growth could be slow, cautions PM

Says 9 pc growth by 2011-2012 possible with Planning Commission's strengths but not to be taken for granted

PTI | March 23, 2010



Prime Minister Manmohan Singh on Tuesday cautioned that return to high economic growth should not be taken for granted, as the global environment is likely to remain difficult in the year ahead.

"Our strengths can help us return to 9 per cent growth trajectory by 2011-12. However, as the mid-term appraisal rightly emphasises, restoration of high growth should not be taken for granted," he said, presiding over the meeting of the full Planning Commission here.

He said exports are likely to grow more slowly than they did before the crisis.

India had targeted USD 200 billion worth of exports in 2008-09, but the economic crisis that swept the world put paid to this hope and the country ended that fiscal year with USD 185 billion in exports.

This fiscal, it may end with exports worth USD 160-165 billion.

"We will need another source of demand to offset slow exports growth and that demand should ideally come from an expansion in investment in infrastructure, both in rural areas and the economy in general," he said.

Earlier in the day, Singh called for investments in infrastructure to double to USD one trillion.

Besides Planning Commission Deputy Chairman Montek Singh Ahluwalia and its members, the full Commission comprises key Cabinet Ministers including Finance Minister Pranab Mukherjee and Food and Agriculture Minister Sharad Pawar.

The meeting reviewed the targets achieved so far under the 11th Five Year Plan (2007-12).

In his presentation, Ahluwalia said the average annual growth rate of the 11th Plan would be 8.1 per cent against the target of nine per cent. The growth in the next Plan period could be 9-10 per cent, he said.
 

Comments

 

Other News

Are EVs empowering India`s Green Transition?

Against the backdrop of the $3.5 billion Production-Linked Incentive (PLI) scheme launched by the Government of India, sales of Electric Vehicles (EVs) are expected to grow at a CAGR of 35% by 2032. It is crucial to take into account the fact that 86% of EV sales in India were under the price bracket of $2

When Nandini Satpathy told Biju Patnaik: ‘I’ll sit on the chair you are sitting on’

Nandini Satpathy: The Iron Lady of Orissa By Pallavi Rebbapragada Simon and Schuster India, 321 pages, Rs 765

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter