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  3. India to sustain a growth rate of 8.5%: PM

India to sustain a growth rate of 8.5%: PM

30 May 2011 Evaluate

Prime Minister Dr. Manmohan Singh is quite optimistic on performance of Indian economy and has expressed confidence that his government will be able to achieve 8.5% growth during the current financial year. “As of now I have not seen any sign that we should change our view with regard to our ability to sustain a growth rate of 8.5%. I am confident that we will be able to sustain a growth rate of 8.5% this year,” Dr. Manmohan Singh said.

PM is very positive despite the fact that Indian economy is facing some serious problems and in contrast to his confidence, the finance ministry is expected to revise its forecast for the present fiscal year due to high inflation, unstable crude oil price, slow investment and RBI’s aggressive minatory policy stand. The Reserve Bank of India and other international bodies had already revised their forecast downward for India. RBI in its annual credit policy had revised its forecast for India’s GDP growth to 8% from 8.6%. Similarly, IMF (International Monetary Fund) and World Bank had revised their forecast for Indian economy and expect that India’s economy would grow around 8% and 9% respectively. 

With reference to country’s agriculture situation and its impact on inflation, Dr. Singh said, “Whatever evidence we have, we expect a normal monsoon. And if the monsoon is normal, it will strengthen our ability to control food inflation.” Normal monsoon will help to reduce food inflation by increasing agriculture productivity. Food inflation is serious concern for the Indian economy as it continues to remain more than 8% for last some time. The Wholesale price Index inflation was 8.66% in April, much higher than the central bank’s comfort zone of 5-6%. 

On oil price scenario, PM Dr. Singh said, 'There are problems with regards to the burden of oil subsidies. They have to be tackled and all these issues will be claiming our attention in weeks and months to come'.

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