GDP to grow 6.5 pc in 2008-09: Montek

India’s economic performance will be “significantly worse” in 2009-10 than in the current financial year. Planning Commission Deputy Chairman Montek Singh Ahluwalia said India’s gross domestic product will grow 6.5 pc, much lower than the advance estimate of 7.1 pc, reports Chetan Chauhan.

Updated on: Mar 28, 2009, 01:12:38 IST

Hindustan Times | By Chetan Chauhan, New Delhi

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India’s economic performance will be “significantly worse” in 2009-10 than in the current financial year.

Addressing the Confederation of Indian Industry in Delhi on Friday, Planning Commission Deputy Chairman Montek Singh Ahluwalia said: “Is the problem going to end in 2009-10? I don’t think so.”

He said India’s gross domestic product (GDP) will grow 6.5 per cent, much lower than the advance estimate of 7.1 per cent.

Hindustan Times has access to a Planning Commission report, prepared by Kirit S Parikh, Member, Planning Commission, which projects India’s GDP growth rate in 2009-10 at 6.3 per cent. The GDP grew 7.3 per cent in calendar 2008.

Commenting on the report, Subir Gokarn, chief economist at global rating agency Standard & Poor’s Asia Pacific, said: “Even the Prime Minister (Manmohan Singh) had said yesterday that we will not achieve the 7.1 per cent projection in the advance estimate for this financial year. Considering that, the estimate is realistic.”

The report, which Planning Commission Deputy Chairman Montek Singh Ahluwalia has forwarded to the Prime Minister’s Office, will be part of the inputs Prime Minister Manmohan Singh receives on the economy when he visits the G-20 Summit in London next week.

ABOUT THE AUTHOR
Chetan Chauhan
Chetan Chauhan is the National Affairs Editor looking into all aspects of news and features from across India. A Chevening scholar with over three decades of experience in reporting and news management, Chetan has extensively covered all important aspects of the social sector, political economy, environment and climate change nationally and internationally. He did a journalism course at the Reuters Institute of Journalism in Oxford and Digital Media training at Nanyang Technological University in Singapore. He started as a reporter with The Statesman in 1996 and joined the Hindustan Times in 2000 in the metro bureau covering environment, crime and Delhi politics. He covered hot local news, from the Jessica Lal murder case to the rebellion of Delhi Congress MLAs against then Chief Minister Sheila Dikshit, to the replacement of toxic vehicle fuel with cleaner compressed natural gas (CNG) in the national capital. Some of his stories on air pollution became part of the Supreme Court’s landmark MC Mehta versus Government of India case in the National Capital Region (NCR), forcing the government to take corrective measures. As part of the national political bureau since 2004, he covered important central sectors such as environment, education, social justice, labour, rural development, water resources, renewable energy, agriculture, broadcasting and the Planning Commission for more than a decade producing several exclusive and investigative breaking stories. His specialisation is the environment, having covered at least a dozen United Nations global conferences on climate change, biodiversity and wildlife including climate summits in Paris, Copenhagen and Bali. He also covered India’s two five-year plans ---11th and 12th and reported on drafting and execution of right based laws such as Right to Education, Right to Information and rural job guarantee law, MG-NREGA, now being introduced in new format as VG-RAM-G Act. He has in-depth knowledge of social sector issues. He was one of the first to report on tigers vanishing from Sariska and Panna wildlife reserves in 2004 and 2008, respectively, leading to the setting up of the National Tiger Conservation Authority (NTCA) and the introduction of stringent penal provisions for poaching. He has written extensively on the rising human-animal conflict in India and the degradation of India’s biodiversity hotspots because of mining and other activities. Since 2004, Chetan has covered Parliament comprehensively and participated in training on the nuanced coverage of Parliament proceedings. He has travelled extensively across India to cover national and provincial elections since 1998, especially in the Hindi heartland states, considered India’s road to power. He writes a regular column for Hindustan Times, Ecostani, on important national politics, economy, Himalayan ecology and environmental issues. His other responsibilities include providing inputs for edits and edit page articles for the publication, apart from managing news flow from across India.Read More

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