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Tuesday, February 23, 2010

8% growth rate feasible next fiscal: Pronab Sen

The country's chief statistician was today confident of the economy expanding by eight per cent in the coming fiscal riding on robust domestic demand, but said achieving nine per cent depends on global recovery.

"Eight per cent (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 per cent is not possible unless your exports grow at 18-20 per cent," he told PTI when asked if the country could record nine per cent growth in 2010-11 fiscal itself.

Yesterday, President Pratibha Patil had said India was poised to grow by over eight per cent in 2010-11 and nine per cent in the fiscal after that.

Sen further said 9 per cent 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 per cent growth in January at USD 14.3 billion.

For the current fiscal, the Central Statistical Organisation (CSO), in its advance estimates, has projected 7.2 per cent GDP growth rate.

However, Sen has said the projected 7.2 per cent economic growth for this fiscal may be revised upwards, if industrial production remains buoyant in the fourth quarter.

Industrial production surged to a 16-year high of 16.8 per cent in December 2009, driven by a robust performance by manufacturing, particularly consumer durables.

The Prime's Economic Advisory Council has pegged the economic growth at 8.2 per cent with upward bias for the next fiscal.

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