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  3. 6.5% economic growth projection for FY14 reasonable: Ahluwalia

6.5% economic growth projection for FY14 reasonable: Ahluwalia

04 Mar 2013 Evaluate

Joining the government’s resolve to get rid of impediments to economic growth, Planning Commission Deputy Chairman Montek Singh Ahluwalia said 6.5 percent economic growth projection for FY14 is reasonable. He said that 'if you have taken corrective steps needed to get rid of impediments to growth, projecting 6.5 percent is not too much. The 6.5 percent economic growth is not that unreasonable.’

As per Ahluwalia, for the next fiscal, 6.5 percent economic growth would be achievable in the backdrop that India’s last decade long-term average GDP growth was around 7.3-7.4 percent.

Commenting on whether the Union Budget is the right response to the challenge economy is facing at present; he said the key challenges for Indian economy are huge micro imbalance, very large fiscal deficit and widening current account deficit. Therefore, the FY14 Budget is focused to get micro-economic balance and enhancing the foreign currency inflow into the country, which is important to reduce the fiscal deficit.

On whether finance minister went for a big cut of around Rs 92,000 crore in Plan expenditure to reduce the current financial year's fiscal deficit to 5.2 percent of GDP, he said this happened because of strict enforcement of rules by the finance minister.

On doubts whether the lesser Plan expenditure would hurt economic growth prospects, he suggested that economic growth will not depend only on government spending and by ‘the restraint on government expenditure has to be offset by big increase in private investment and public sector investment which is not in the budget. If that happens, the growth will take place.’

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