ID :
135682
Sun, 08/01/2010 - 21:32
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https://oananews.org//node/135682
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Indian economy moving fast towards USD 2 trillion mark
New Delhi, Aug 1 (PTI) The Indian economy would grow to
USD 1.72 trillion in 2011-12, moving closer towards the USD
2 trillion mark, according to an assessment by the Prime
Minister's Economic Advisory Council (PMEAC).
The country's gross domestic product (GDP) at the market
and current prices was measured at USD 1.31 trillion in
2009-10 and is estimated to be USD 1.52 trillion in the
current fiscal, the PMEAC said in its latest economic outlook.
Pegging the GDP growth at nine per cent, the economy
would reach a level of USD 1.72 trillion in 2011-12, it said.
If the nine per cent growth trend is maintained, India
would become USD two trillion economy in 2013-14 fiscal.
In the assessment, the PMEAC, headed by noted economist C
Rangarajan, said that it is imperative for India "to preserve
conditions that will enable it to return to the 9 per cent
growth trajectory".
After slowing down to 6.7 per cent in 2008-09 and 7.4 per
cent in 2009-10, the Indian economy is projected to expand at
8.5 per cent this fiscal and by nine per cent in 2011-12.
According to experts, services and manufacturing sectors
will remain the key drivers pushing the coveted growth to USD
two trillion mark.
"Services sectors particularly transportation and telecom
sectors will lead the growth. Rising income levels and
aspirations of people will further the industrial output,"
CRISIL's chief economist D K Joshi said.
In the first two months of current fiscal, the
industrial production recorded an annual growth of 14 per
cent. "The lead indicators of service sector also suggest
increased economic activity," Reserve Bank of India Governor D
Subbarao said in the first quarter credit policy review.
If the tax reforms are implemented as planned from next
fiscal, the economy would get further push.
"The gain from Goods and Services Tax will propel the
country from one-trillion dollar economy to two
trillion-dollar economy in a short span of time," Finance
Minister of India Pranab Mukherjee recently said.
Before the global economic slowdown since 2008, the
Indian economy grew by over nine per cent for three years in a
row from 2005-06 to 2007-08 and expansion was maintained by
industry and services sectors. PTI
USD 1.72 trillion in 2011-12, moving closer towards the USD
2 trillion mark, according to an assessment by the Prime
Minister's Economic Advisory Council (PMEAC).
The country's gross domestic product (GDP) at the market
and current prices was measured at USD 1.31 trillion in
2009-10 and is estimated to be USD 1.52 trillion in the
current fiscal, the PMEAC said in its latest economic outlook.
Pegging the GDP growth at nine per cent, the economy
would reach a level of USD 1.72 trillion in 2011-12, it said.
If the nine per cent growth trend is maintained, India
would become USD two trillion economy in 2013-14 fiscal.
In the assessment, the PMEAC, headed by noted economist C
Rangarajan, said that it is imperative for India "to preserve
conditions that will enable it to return to the 9 per cent
growth trajectory".
After slowing down to 6.7 per cent in 2008-09 and 7.4 per
cent in 2009-10, the Indian economy is projected to expand at
8.5 per cent this fiscal and by nine per cent in 2011-12.
According to experts, services and manufacturing sectors
will remain the key drivers pushing the coveted growth to USD
two trillion mark.
"Services sectors particularly transportation and telecom
sectors will lead the growth. Rising income levels and
aspirations of people will further the industrial output,"
CRISIL's chief economist D K Joshi said.
In the first two months of current fiscal, the
industrial production recorded an annual growth of 14 per
cent. "The lead indicators of service sector also suggest
increased economic activity," Reserve Bank of India Governor D
Subbarao said in the first quarter credit policy review.
If the tax reforms are implemented as planned from next
fiscal, the economy would get further push.
"The gain from Goods and Services Tax will propel the
country from one-trillion dollar economy to two
trillion-dollar economy in a short span of time," Finance
Minister of India Pranab Mukherjee recently said.
Before the global economic slowdown since 2008, the
Indian economy grew by over nine per cent for three years in a
row from 2005-06 to 2007-08 and expansion was maintained by
industry and services sectors. PTI
