Return to high economic growth would be a challenge: PM

New Delhi, Mar 23 (PTI) Indian Prime Minister Manmohan
Singh Tuesday cautioned that return to high economic growth
should not be taken for granted, as the global environment is
likely to remain difficult in the year ahead.
"Our strengths can help us return to 9 per cent growth
trajectory by 2011-12. However, as the mid-term appraisal
rightly emphasises, restoration of high growth should not be
taken for granted," he said, presiding over the meeting of the
full Planning Commission here.
He said exports are likely to grow more slowly than they
did before the crisis.
India had targeted USD 200 billion worth of exports in
2008-09, but the economic crisis that swept the world put paid
to this hope and the country ended that fiscal year with USD
185 billion in exports.
This fiscal, it may end with exports worth USD 160-165
billion.
"We will need another source of demand to offset slow
exports growth and that demand should ideally come from an
expansion in investment in infrastructure, both in rural
areas and the economy in general," he said.
Earlier in the day, Singh called for investments in
infrastructure to double to USD one trillion.
Besides Planning Commission Deputy Chairman Montek Singh
Ahluwalia and its members, the full Commission comprises key
Cabinet Ministers including Finance Minister Pranab Mukherjee
and Food and Agriculture Minister Sharad Pawar.
The meeting reviewed the targets achieved so far under
the 11th Five Year Plan (2007-12).
In his presentation, Ahluwalia said the average annual
growth rate of the 11th Plan would be 8.1 per cent against the
target of nine per cent. The growth in the next Plan period
could be 9-10 per cent, he said. (MORE) PTI