The economy in the country is steadily witnessing robust growth and revival from the impact of the global downturn. The government gave a pointer that its aim was to soon break into double-digit growth rates.
Finance Minister, Mr Pranab Mukherjee hinted at the same at a function on the occasion of 59th convocation of the Punjab University in Chandigarh. He said that the advance estimates indicate a 7.2 per cent growth in 2009-10. Exports were also recovering with 11.5 per cent growth in January 2010. He also noted that the target of the government was to quickly revert to high growth and find the means to cross the "double-digit growth barrier." For attaining this growth rate, Mr Mukherjee added there was need for bolster the momentum to the "impressive recovery" in growth witnessed in the past few months.
The impact from the downturn had seen the growth rate recede to 6.7 per cent in 2008-09. Mr Mukherjee remarked that the Indian economy was amongst the first nations to bounce back to revival and it had weathered the global crisis well. The Indian economy was at a much better position than an year ago, he said.
On March 24, Prime Minister Manmohan Singh too portrayed optimism in his speech and identified
infrastructure as an engine of growth in the coming years. He further pegged the investments needs in the sector at US$ one trillion, double the amount estimated for the sector in the ongoing 11th Plan period (2007-12).
Meanwhile, Mr Kaushik Basu, chief economic advisor in the finance ministry, too has remarked that economic growth rate in Q4 of this fiscal was expected to be at 8.5 per cent.