Economy to grow at least 8% in FY11: PM

Economy to grow at least 8% in FY11: PM
PTI
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First Published: Fri, Mar 05 2010. 03 26 PM IST
Updated: Fri, Mar 05 2010. 03 26 PM IST
New Delhi: Noting that the government has been concerned over high food prices over the last one year, Prime Minister Manmohan Singh on Friday said all practical measures would be taken to provide relief to people.
Replying to the debate on motion of thanks to the President’s address in the Lok Sabha, he said the government was working to overcome the twin-impact of failure of monsoons and global economic crisis with an objective of reaching the double-digit growth.
He said India will end the current financial year with GDP growth of 7.2 to 7.5% while exuding confidence of achieving 8% in the next fiscal (2010-11) and return to 9% in subsequent year.
“I am confident that economic fundamentals are strong. If we manage our economy well, if we manage creation of social infrastructure well, there is no barrier to India’s entry in the age of double digit growth,” Singh said in his 55-minute speech.
Responding to concerns expressed by members over rising food prices, he said the government has been equally concerned over the “behaviour of food prices” over the last one year.
He said certain steps have been taken to address the situation and the government was ready to take “any practical” measure that would give relief to people.
The food inflation had touched a decade high of 19.7% in December last year before moderating marginally to about 17% in the recent weeks.
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First Published: Fri, Mar 05 2010. 03 26 PM IST