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  3. India’s GDP growth to slow around 7% in 2011-12 fiscal: PM

India’s GDP growth to slow around 7% in 2011-12 fiscal: PM

09 Jan 2012 Evaluate

Even as the global economy is passing through a difficult phase, Indian Prime Minister avowed that with its strong economic fundamentals and robust constitutional processes, India is expected to register an economy growth rate of around 7% in this fiscal year ending March, 2012. Manmohan Singh’s lowering of India’s growth rate down to 7% in the fiscal 2011-12 has come a day after the Union Finance Minister Pranab Mukherjee affirmed that Indian gross domestic product (GDP) would grow by 7.5% in 2011-12.

Asia’s third largest economy saw its GDP grow at the rate of 8.5% in the previous fiscal while it was initially forecasted to expand by around 9% in the current fiscal. But the growth rate in the first half of the current fiscal slipped to 7.3% from 8.6% in the year ago period. As the world is passing through an adverse environment, India too is facing the challenges of the global economic slowdown with declining employment opportunities and increasing protectionism, said the Prime Minister addressing Indian Diaspora gathered from 60 countries at the tenth Prawasi Bharatiya Diwas in Jaipur.

However, Singh instilled some confidence on stating that he is hopeful of bringing back the rhythm of India’s growth processes to sustain an annual growth rate of 9-10% in the medium-term. He further affirmed that domestic savings rate which currently stands at 33-35 percent of the nation’s GDP will greatly facilitate the realization of growth objectives. Prime minister further acknowledged that government’s efforts to battle inflation are producing results and there has been an improvement in the situation.

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