India to soon achieve 9% GDP growth, FM tells global investors

New York, Oct 7 (PTI) India, the world's second fastest
growing major economy, has called the global investor
community to participate in the growth story saying the
country was poised to expand by 9 per cent.
"In the short term it is reasonable to expect that the
(Indian) economy will go back to the robust growth path of
around 9 per cent average", he said addressing the seventh
India Investment Forum meeting yesterday.
Recalling how the country managed to withstand the impact
of global financial meltdown, which pulled down the economic
growth to 6.7 per cent in 2008-09 from 9 per cent in the
preceding three years, Mukherjee told the global investors
that "India presents an opportunity for investment that you
cannot afford to miss."
India's economic growth rate was 7.4 per cent in 2009-10
and is expected to be over 8.5 per cent during the current
fiscal. From over 9 per cent average for three years till
2007-08, growth slipped to 6.7 per cent in 2008-09 owing to
the global economic crisis.
Pointing out that GDP was 8.8 per cent in the first
quarter (April-June 2010), Mukherjee said, "There has been a
revival in investment and private consumption demand, though
the recovery is yet to attain the pre-2008 momentum."
The International Monetary Fund has projected the Indian
economy to grow by 9.7 per cent in 2010, driven by robust
industrial production and macro-economic performance.
The Minister further said that Indian exports were
recording "impressive growth" since November-December 2009 and
seen a substantial pick up in corporate earnings and profit
margins.
Besides improvement in capital flows and business
sentiments, he said, "The manufacturing sector has been
showing a buoyancy reminiscent of the pre-slowdown years."
MORE PTI
PRI


The information contained in this electronic message and any attachments to this
message are intended for the exclusive use of the addressee(s) and may contain
proprietary, confidential or privileged information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please notify
the sender immediately and destroy all copies of this message and any attachments
contained in it.


Delete & Prev | Delete & Next