GDP data disappointing, need to work hard: Pranab
The government on Tuesday expressed disappointment over the slowdown in the country's GDP growth rate.business Updated: Aug 30, 2011 15:32 IST
The government on Tuesday expressed disappointment over the slowdown in the country's GDP growth rate and said hard work is needed by all sections, including industry and farmers, to ensure inclusive growth, keeping in mind uncertainty over the global economy and monsoon.
"It is no doubt disappointing," finance minister Pranab Mukherjee told reporters while commenting on GDP data for the April-June quarter, which showed that growth of the country's economy slowed down to 7.7% in the first quarter of FY'12 from 8.8% in the corresponding year-ago period.
He said there was no room for complacency and everyone, including the government, industry and farming community, will have work hard.
"There is no room for complacency. We shall have to work very hard -- government, industry -- and I am confident that our workers and farmers would make their contribution in ensuring growth with inclusion," he said, adding that one of the important ingredients is creation of more jobs.
Expressing hope that the growth rate would pick up again, Mukherjee said, "We shall have to keep in mind that there are still some areas of uncertainty -- uncertainty in global scenario, uncertainty, of course monsoon is not yet over, last leg is yet to be over."
While the GDP growth figure is disappointing, Mukherjee said there was a "silver lining" to the country's economic performance, as 27.7 million jobs were created between 2005 and 2010.
Furthermore, there was 7.9% year-on-year increase in overall investments during the first quarter this fiscal, compared to a 0.4% rise in the corresponding year-ago period, which is encouraging, he said.