Impact of global recession to be felt in 2010-11, says Montek | business | Hindustan Times
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Impact of global recession to be felt in 2010-11, says Montek

The Planning Commission on Saturday said the impact of the global meltdown will be felt also in the next fiscal and it would not be possible to achieve the average growth target of 9 per cent in the Eleventh Plan.

business Updated: Oct 10, 2009 13:55 IST

The Planning Commission on Saturday said the impact of the global meltdown will be felt also in the next fiscal and it would not be possible to achieve the average growth target of 9 per cent in the Eleventh Plan.

"The global slowdown is not still over. This slowdown, which has affected 2008-09 and affect 2009-10, will also affect 2010-11", the Commission's Deputy Chairman Montek Singh Ahluwalia said, addressing the annual meet of industry chamber Assocham.

The global financial meltdown has pulled down India's economic growth to 6.7 per cent during 2008-09 from about 9 per cent a year ago. During the current fiscal, as per the Planning Commission estimates, growth rate may fall to 6.3 per cent.

As regards the Eleventh Plan, Ahluwalia said, "it is not going to be an average of nine per cent. To achieve nine per cent, we will have to grow at 11 per cent for next two fiscal which is not possible.

"We will have a clear idea about growth during 11th plan after the mid-term appraisal which is going on", he added.