India's growth story remains
Delhi, Nov 25 (IANS) India's Planning Commission Tuesday said
there was no need to alter its growth projection of 9 percent
for the Eleventh Plan that runs till 2011-12, despite the
economic crisis, as significant additional funding will be
made available to pump prime the economy.
don't think we require to modify the Eleventh Plan growth,"
Planning Commission Deputy Chairman Montek Singh Ahluwalia
told the Economic Editor's Conference here.
will provide significant additional funding to clear projects.
We are hopeful that the uncertainty in the world economy will
recover some time late next year."
Prime Minister Manmohan Singh and Finance Minister P. Chidambaram
have said that India will, indeed, experience a lower growth
during the current fiscal because of the global meltdown,
but still the expansion will be healthy at between 7-8 percent.
Reserve Bank has said growth could be 7.5-8 percent. It is
more likely to be shaded downwards. We are preparing for as
low as 7 percent," said Oxford-educated Ahluwalia.
Indian economy grew at an average of over 9 percent in the
past four years.
former finance secretary and International Monetary Fund economist
said he was expecting India's farm sector to grow 4 percent
this fiscal and the energy sector to generate 11,000 MW of
government, he said, will go ahead with its plans to spruce
up infrastructure and ensure the projects for roads, irrigation
and housing sector are not affected.
since investments were not coming from the private sector,
the state sector will chip in to fund these infrastructure
development projects, he said.
would ensure the capital flow is not disrupted", says
Ahluwalia adding that by January - February next year the
government would have a clear picture. "By then we would
anticipate what is to be done."