Immediate target is 9% growth: FM Pranab Mukherjee
Finance Minister Pranab Mukherjee made it known today that the immediate task before the government at present is to focus on the growth of the economy and how to bring it back to the 9 per cent growth trajectory. The growth was at 7.4 per cent during the last financial year which the Finance Minister plans to bring up to a double digit figure as soon as possible.
Due to the recent recession, India has had to encounter a lot of financial improprieties in the last 12-18 months, including crisis in the price of commodities and energy.
However, the Finance Minister said that it was because of the efforts of the entrepreneurs, bankers, industrialists etc. added with the government's as well as the RBI's well taken policy decisions that India has been able to come out of the crisis.
The global economic crisis had penetrated into the nation's economy by September, 2008, and the economic growth had come down to 6.7 per cent as compared to the 9 per cent before the crisis had hit.
The economic growth can be sustained and brought into the progress path if there is effective mobilization of savings and thereafter utilizing them into investments.