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

Master sculptor recalls the making of the Shankaracharya statue

The Golden Chisel: The Story Behind the Making of Ram Lalla  By Seethalakshmi S. and Rahul Nandan Rupa Publications, 168 pages, Rs 395  

Mumbai’s missing affordable homes

Mumbai’s real estate market keeps growing, yet homeownership remains out of reach for much of its population. Three experts – urban researcher Hussain Indorewala, urban planner Vidyadhar Phatak and developer Kamlesh Thakur of NAREDCO Maharashtra, agree that simply constructing more apartments

Rubio denies US foreknowledge of Starlink restrictions in Ukraine

US secretary of state Marco Rubio has said he was unfamiliar with the Wall Street Journal report suggesting Elon Musk had decided to throttle Starlink services in Ukraine, but rejected claims that Washington had ordered the restrictions to pressure Kyiv.   “There was no

Can AI change India’s breast cancer story?

Breast cancer has become a public-health challenge in India. The greatest opportunity is to find cancers earlier. Artificial intelligence (AI) is opening a new era in breast cancer detection. AI systems can analyse mammograms and other breast-imaging studies, identify subtle abnormalities and assist radi

Farm stability in the time of climate change

Indian agriculture is experiencing significant climate volatility, while the world economy seems to be in a highly volatile situation. Economic indices from various countries show that they need to recalibrate their strategies to withstand economic headwinds. In such a challenging situation, a country li

El Niño threatens India’s Rabi crops

India’s southwest monsoon ended with a 13% rainfall deficit in 2026, its weakest performance in a decade, raising concerns over agricultural production, water security and the upcoming rabi season. With El Niño expected to persist into early 2027, experts warn that declining soil moisture, dep

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter