I am bit conservative, happy with 8.75% estimate: FM | business | Hindustan Times
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I am bit conservative, happy with 8.75% estimate: FM

business Updated: Dec 10, 2010 16:24 IST

The 8.9% growth during the first half of this fiscal notwithstanding, finance minister Pranab Mukherjee on Friday said that he would prefer to be conservative and would be happy if the economy this fiscal were to grow by 8.75%.

"I am a bit conservative so I would be happy if it is 8.75%," Mukherjee said while addressing annual function of industry chamber Assocham.

The country's economy grew by 8.9% in the first half of the current fiscal, up from 7.4% in 2009.

The Economy Survey in February 2010 has pegged the GDP growth at 8.5% for the current fiscal, with 0.25% variation on the either side, while the mid-year review of the economy projected growth rate of 8.75%, with 0.35% variation on both the side.

The finance minister exuded confidence that the fiscal deficit could be contained at 5.5% of GDP this fiscal, but said the roadmap for bringing it down to 3% was yet to be set.

He also pointed out the risks associated with high current account deficit, and pegged the current account deficit at USD 55-56 billion for this fiscal.

"This (current account deficit) cannot be maintained for a long time," Mukherjee added.