New Delhi: The Planning Commission expects the country’s economy to grow 8.5-9% during the current fiscal and by 9% in the 11th Five Year Plan period, saying global slowdown would not affect India in the medium term.
“The world economic slowdown will not affect the medium term growth prospects,” Planning Commission Deputy Chairman Montek Singh Ahluwalia said, while addressing the TiE Entrepreneurial Summit 2007 here on 11 December.
The economy was likely to clock a growth rate of 8.5-9% during the current financial year, he said, adding that the gross domestic product (GDP) growth rate was expected to be 9% during the next three years and 10% in the terminal year of the Plan (2011-12).
The government, Ahluwalia said, would try to make growth more inclusive so as to reach the benefits of the ongoing economic reforms to neglected sections of the society especially in rural areas.
The focus of government policies would be on agriculture, health, education and infrastructure, he said, adding “we would be looking forward to greater participation of private sector in development of infrastructure sector.”
Speaking on the occasion, Minister of Commerce and Industry, Kamal Nath said 300 million people are living on less than a dollar a day and added that steps were being taken by the United Progressive Alliance (UPA) government to make economic growth more inclusive.
These efforts, he added, were aimed at improving the lot of the deprived sections of the society.