India hopes to return to 9 pc growth by 2011-12: PM

V S Chandrasekar
Toronto, Jun 27 (PTI) Promising to persevere with
implementing financial sector reforms to support rapid
economic growth, Indian Prime Minister Manmohan Singh Sunday
said India hopes to return to an ambitious 9 per cent growth
by 2011-12 and to halve the fiscal deficit in the next three
years.
He told the world leaders attending the 4th G20 Summit
here that his government was taking steps to reverse the
fiscal stimulus introduced to deal with the 2008 crisis. He
explained how India was handling the current economic
situation.
"Thanks to an effective fiscal and monetary stimulus,
we were able to contain the effect of the global crisis on our
economy.
"After growing at 9 per cent for four years before the
crisis, our economy averaged about 7 per cent growth in the
last two years. We expect to grow by 8.5 per cent in 2010-11
and we hope to go back to 9 per cent by 2011-12," Singh said
in his address at the Working Session of the summit.
Admitting that this is an ambitious goal for which
government has much to do, the Indian Prime Minister said, "We
are taking steps to reverse the fiscal stimulus we had
introduced to deal with the crisis. To this end we have
outlined a medium term plan to halve the fiscal deficit by
2013-14."
He said the Indian government was giving a strong push
to investment in infrastructure, relying on private-public
partnership as much as possible to reduce the burden on scarce
public resources.
"We have a sound and well-regulated financial sector
which was not not affected by the crisis. We will persevere
with implementing financial sector reforms to support rapid
and inclusive growth in the real economy and also to increase
systemic stability in the financial sector," Singh said. PTI
VSC
RDM


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