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8% growth rate feasible next fiscal: Pronab Sen

8% growth rate feasible next fiscal: Pronab Sen
PTI
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First Published: Tue, Feb 23 2010. 02 24 PM IST
Updated: Tue, Feb 23 2010. 02 24 PM IST
New Delhi: The country’s chief statistician was on Tuesday confident of the economy expanding by 8% in the coming fiscal riding on robust domestic demand, but said achieving 9% depends on global recovery.
“8% (growth rate for next fiscal) we can achieve on the strength of our internal demand with just a mild contribution from the exports side. But 9% is not possible unless your exports grow at 18-20%,” he said when asked if the country could record 9% growth in 2010-11 fiscal itself.
Yesterday, President Pratibha Patil had said that India was poised to grow by over 8% in 2010-11 and 9% in the fiscal after that.
Sen further said 9% growth rate would depend heavily upon what happens to the global market.
Exports were hit badly by a slump in demand in key markets in the wake of the 2008 global financial crisis and thereafter fell continuously for 13 months.
However, exports have recorded growth for the third consecutive month, clocking 11.5% growth in January at $14.3 billion.
For the current fiscal, the Central Statistical Organisation (CSO), in its advance estimates, has projected 7.2% GDP growth rate.
However, Sen has said the projected 7.2% economic growth for this fiscal may be revised upwards, if industrial production remains buoyant in the fourth quarter.
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First Published: Tue, Feb 23 2010. 02 24 PM IST