Indian PM expects economy to grow by 8.5 pct in current fiscal year

16:27, May 24, 2010      

Email | Print | Subscribe | Comments | Forum 

Indian Prime Minister Manmohan Singh said Monday that India will witness an 8.5 percent economic growth in the current fiscal year which ends in March next year.

At a press conference, Singh also said the Congress-led United Progressive Alliance (UPA) government is extremely hopeful of containing inflation to 5 to 6 percent by December this year.

"It is not correct to say that our economy in not robust. Many economies collapsed worldwide due to the financial crisis. But India grew by 6.7 percent in 2008-09 and 7.2 percent in 2009-20," the Prime Minister said at a media interaction to mark the first anniversary of the second term of UPA government.

Singh stated that India will witness 8.5 percent growth in the current fiscal, while admitting that inflation was a serious problem and the common man suffered due to high prices.

"Prices continue to be a matter of concern. It is affecting the country's masses but I believe by December we can bring it down to 5 to 6 per cent," he said.

"We are closely monitoring the situation and together with state governments take all steps to bring down prices and protect the vulnerable section of our society from the impact of high prices," Singh said, adding that the UPA government was monitoring inflation.

"But for this (high inflation), international financial crisis and high prices of petroleum prices in global markets are to blame. Besides, droughts and floods in some parts of the country last year also affected our economy as whole," according to Singh.

"But as a result of steps we have taken, there are signs of prices showing a moderating trend," he said.

Singh described the first year of second term of the UPA government as one of "reasonable achievement".

"I believe that the record of our first year of UPA-II is a record of reasonable achievement. I am the first person to admit that we could have done more," he said, adding "there is always room for improvement and for better outcome. But I do believe that the record of our first year is a record of reasonable achievement. "



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
  • An Indian artist colours clay idols of Goddess Durga for the upcoming Durga Puja festival in Calcutta, capital of eastern Indian state West Bengal on Sept. 27, 2011. The festival celebrates the homecoming of Mother Goddess Durga and the victory of good over evil, dramatized by the goddess' demolition of the evil buffalo demon, Mahishasura. (Xinhua/Tumpa Mondal)
  • A model presents a creation of new upcoming designer Sergei Grinko at the Milan Fashion Week Women's Wear Spring/Summer 2012 in Milan, northern Italy, Sept. 27, 2011. The Milan fashion week closed on Tuesday. (Xinhua/Wang Qingqin)
  • Yu Guangyao (2nd R), president of Shanghai Shentong Metro Co., Ltd, bows his apology at a press conference on the subway trains collision accident happened Tuesday afternoon, in east China's Shanghai Municipality, Sept. 27, 2011. By 8:30 p.m. (1230 GMT) Tuesday, a total of 271 injured people in the accident have received medical treatment in hospitals, among them 180 have been dispatched. Other 61 injured people are still in hospital, in which 30 are under emergency observations. No critical injuries have been reported. (Xinhua/Chen Fei)
  • Children visit the Confucian temple in Tainan, southeast China's Taiwan, Sept. 27, 2011. A ceremony will be held at the temple to commemorate Confucius (551-479 BC) on Sept. 28, the birthday of the ancient Chinese thinker and educationist and the annual Teacher's Day of Taiwan in honor of him. (Xinhua/Ren Zhenglai)
  • Fourth-grader Ma Lianghai (left) and third-grader Ma Linxiang are engrossed in their work during art class at Zhaojia Elementary School in Dongxiang, Gansu province, on Sept 18. (Photo by Xu Jingxing/China Daily)
Hot Forum Discussion