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8-9 pc growth possible, FM tells industry

business Updated: Aug 26, 2008 15:25 IST

IANS
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Finance Minister P Chidambaram on Tuesday told industry leaders he believed the economy would log an eight to nine per cent growth in the current fiscal.

“The finance minister was optimistic of an eight to nine percent growth in the current fiscal while interacting with CEOs (chief executive officers),” Confederation of Indian Industry (CII) chairman KV Kamath told reporters after the meeting between Chidambaram and CII members.

Chidambaram, according to Kamath, told the gathering that the slowdown in industry was “marginal”, and that it could be attributed to a global slump.

C Rangarajan, former Reserve Bank of India (RBI) governor and former chairman of the Prime Minister's Economic Advisory Council (EAC), has incidentally predicted only a 7.7 per cent growth this fiscal.

CII, a leading industry lobby, organised the meeting with Chidambaram to discuss the prevailing economic scenario and the road ahead in view of high inflation and a tightened money supply situation.

India's headline inflation touched 12.63 per cent mark for the week ended on Aug 9 as compared to 12.44 per cent for the week before.

Chidambaram, according to Kamath, told the CEOs that inflation would start moderating in October-November.

Planning Commission deputy chairman Montek Singh Ahluwalia on Monday told IANS that inflation would moderate in three to four months' time.

The EAC's “Economic Outlook Report for 2008-09” has predicted inflation will come down to 8-9 per cent by March 2009.