Finance Minister Pranab Mukherjee on Friday said the various measures announced in Budget 2010-11 would revive private investment and put the economy back on the 9 per cent growth path.
“I am optimistic that the measures I have outlined in this year’s budget will revive private investment and put the economy back on the growth path of 9 per cent per annum,” Mukherjee said a function of Small Industries Development Bank of India (SIDBI).
India’s economic growth slowed to 6.7 per cent in 2008-09 after growing at close to 9 per cent for four straight years, before a financial crisis in the United States roiled the global financial economy.
“We expect the economy to grow by 7.2 per cent in 2009-10, which is impressive by global standards,” the finance minister said.
“I am optimistic that the growth rate will climb back to 8.25-8.75 per cent in 2010-11.”
On Thursday, Prime Minister Manmohan Singh had exuded confidence that the economy can get back to the 9 per cent growth track by the end of the Eleventh Five-Year Plan (2007-2012) period and do even better thereafter.
“The fast-paced recovery of the Indian economy underscores the effectiveness of the government’s policy response in the wake of this financial crisis,” the finance minister said.
{{/usCountry}}“The fast-paced recovery of the Indian economy underscores the effectiveness of the government’s policy response in the wake of this financial crisis,” the finance minister said.
{{/usCountry}}“The economy weathered the global credit storm much better than expected,” said Rajeev Malik of Macquarie Securities.