India Finance Minister: Expect GDP Growth To Return To 8%-10% In Coming Years
First Published Friday, 4th May 2012 08:04 am - © 2012 Dow Jones
MANILA -(Dow Jones)- India's Finance Minister Pranab Mukherjee said Friday he is confident the nation's economy will return to a "sustained growth path" of around 8% to 10% annually in the coming years, boosted by the government's plans to fast track some policies to expedite growth.
"For the current fiscal year, we have set our objective to focus on domestic demand-driven growth recovery, create conditions for rapid revival of high growth in private investment and address supply bottlenecks in the agriculture, energy and transport sectors," Mukherjee said at the Asian Development Bank's annual governors meeting in Manila.
He said despite the financial woes in the West, India has managed to maintain growth of almost 7% in the last fiscal year.
He said the high proportion of its GDP driven by domestic demand, as well as a high savings rate of around 33%-35%, are "inherent positives" for the Indian economy amid the global volatility.