Press Esc to close
Thursday 03 September 2015
News updated at 2:14 PM IST
Weather
Max: 33°C
Min : 22°C
In Bengaluru
Rain lightly

Economy likely to grow at 5.5 pc in Q2: Chidambaram

Mumbai, Nov 24, 2012 (PTI)

Finance Minister P Chidambaram today indicated that growth of the economy has slowed to 5.5 per cent in July-September quarter of the current fiscal from 6.9 per cent during the year-ago period.

"When our growth declined to 5.5 per cent in the first quarter of this financial year, and when growth is likely to be around 5.5 per cent in the second quarter of this financial year, it goes without saying that we face a difficult situation," Chidambaram told reporters here. The Central Statistical Organisation (CSO) is scheduled to release the GDP figures for second quarter on November 30.

Indian economy, which was growing at over 8 per cent before 2011-12, has slowed due to both global and domestic reasons. The growth in the first quarter of the fiscal was 5.5 per cent, lowest in a decade.

Chidambaram further said that to overcome the difficult economic situation, there is a need to find innovative ways to increase output of goods and services. "We have to overcome this difficult situation through innovation, through finding ways of increasing the production of goods and services," he said adding that finding new ways to help the poor depends on high economic growth both for jobs and income.

The Finance Minister called upon the banks to play an active role in reviving the economy. "I genuinely and sincerely believe that banks represent the heart of the financial system and it is banks that will drive the revival of India's economy and putting India's economy on high growth path," the minister added.

The Reserve Bank has scaled down India's economic growth prospects for the fiscal to 5.8 per cent from 6.5 per cent.


Go to Top

Photo Gallery
Bandh supporters blocked railway track at Sodepur Station in North 24 Pargana...

Bandh supporters blocked railway track at Sodepur Station in North 24 Pargana...

Kashmiri women carry grass as they walk through the fields on the outskirts of Srinagar...

Kashmiri women carry grass as they walk through the fields on the outskirts of Srinagar...

Social activist Nafisa Ali showing her support to Ex-servicemen...

Social activist Nafisa Ali showing her support to Ex-servicemen...

Students from Manipur shout slogans during protest against recent violence in Manipur...

Students from Manipur shout slogans during protest against recent violence in Manipur...

School children dress up as lord Krishna during a fancy dress competition...

School children dress up as lord Krishna during a fancy dress competition...

Launch of Land Rover Discovery Sport in Mumbai...

Launch of Land Rover Discovery Sport in Mumbai...

Launch of the World's slimmest tablet 'Galaxy Tab S2' ...

Launch of the World's slimmest tablet 'Galaxy Tab S2' ...

People ride a boat across flood waters in Kaziranga National Park on Wednesday...

People ride a boat across flood waters in Kaziranga National Park on Wednesday...

All India Bandh for various demands  in Bengaluru on Wednesday...

All India Bandh for various demands in Bengaluru on Wednesday...

Kannada Chaluvali Vatal Party President Vatal Nagaraj staging protest...

Kannada Chaluvali Vatal Party President Vatal Nagaraj staging protest...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523