Govt says GDP to grow 8 per cent in fiscal 2010-11

Govt says GDP to grow 8 per cent  in fiscal 2010-11

Kaushik Basu

Addressing the Assocham here, he said, although figures for Gross Domestic Product (GDP) growth for period January-March 2010 is yet to be released, the finance ministry feels that last quarter of fiscal 2009-10 would end up clocking a growth rate of over 8.6 per cent since economy is by and large on growth path.  

On inflation he said “inflation, which is likely to remain at double digit for a while would start declining in coming 2 to 3 months.” The Wholesale Price Index based inflation has almost neared double figure by reaching 9.9 per cent in March.  

“We hope the Reserve Bank will make some judicious intervention to address the issue of rising inflation, which is a cause of concern both for government as well as the apex bank,” Basu said, while, however, refrained from making direct references for possible interest rates hike by RBI in it’s forthcoming Monetary Policy.

Talking about Indian economy’s growth potential Basu suggested three pronged strategy for India to stay on high growth path by focusing on export, enhancing saving rates and making country global hub for higher education.

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