Economy likely to grow 9 pct in FY12 - Ahluwalia

NEW DELHI Sat Jan 9, 2010 1:28pm IST

A file photo of Planning Commission Deputy Chairman Montek Singh Ahluwalia during a national conference in New Delhi August 18, 2009. The economy is likely to return to an annual growth rate of 9 percent by the fiscal year ending in March 2012, Ahluwalia said on Saturday. REUTERS/B Mathur/Files

A file photo of Planning Commission Deputy Chairman Montek Singh Ahluwalia during a national conference in New Delhi August 18, 2009. The economy is likely to return to an annual growth rate of 9 percent by the fiscal year ending in March 2012, Ahluwalia said on Saturday.

Credit: Reuters/B Mathur/Files

Related Topics

NEW DELHI (Reuters) - The economy is likely to return to an annual growth rate of 9 percent by the fiscal year ending in March 2012, a top policy adviser said on Saturday.

Asia's third-largest economy expanded 6.7 percent in 2008/09 (April-March), slower than the 9 percent or more recorded in the previous three years.

"By the end of the 11th five-year plan we hope to back to 9 percent growth rate. In the 12th plan the aim of the government is to bring the economy to 10 percent growth rate," said Montek Singh Ahluwalia, deputy chairman of the Planning Commission.

India's 11th five-year plan began in April 2007.

Ahluwalia said: "This may not be easy but not unrealistic. One critical objective for the government is massive expenditure in education."

Prime Minister Manmohan Singh on Friday said he was optimistic that India, which along with China is leading the drive out of a global recession, could return to annual growth of 9-10 percent in a few years time.

He said the economy was expected to grow by around 7 percent in the 2009/2010 fiscal year, slightly below previous forecasts by his policymakers.

The economy grew an annual 7.9 percent in the quarter through September, its fastest in 18 months, prompting policymakers, including the finance minister, to revise the growth forecast for the current fiscal year to around 8 percent from 7 percent.

(Reporting by Nigam Prusty; Writing by Nidhi Verma; Editing by Alex Richardson)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Barack Obama in India

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage