Growth needs momentum: FM

“We have weathered the global economic crisis well and Indian economy now is in a far better position, but we still have challenges which need to be addressed,” he said, addressing the first convocation of the Indian Institute Management (IIM)-Shillong.

Further he said the first challenge before the government is to quickly revert to the high GDP growth rate of 9 per cent and cross “double-digit growth barrier”.

“But this calls for imparting a fresh momentum to the impressive recovery in growth,” Mukherjee said.

Responding to another query he said weaknesses at different levels of governance are posing a challenge to India’s growth.

There have been many initiatives at different sectors, at a different points of time and some of them have been effective in reforming the way the government works. However, one factor that can hold India back in realising its potential is the bottleneck of the  public delivery mechanisms, he said.

“Our system of governance, including economic governance, must work towards economic empowerment and make growth human-specific,” Mukherjee said.