India Can Achieve 10% Growth In 2008-09: P. Chidambaram

Union Finance Minister P. ChidambaramNew Delhi: Yesterday, the Union Finance Minister, P Chidambaram alleged that it is viable for the country to attain 10 per cent economic growth in the next fiscal.

While addressing the Indian Policy Forum, Mr. Chidambaram said, “Achieving a 10 per cent growth in 2007-08 is tough, but it is possible in 2008-09. That will be a fitting finale for the UPA government's five-year tenure.”

There is an increase of 9.4 per cent in the country’s gross domestic product (GDP) in 2006-07 and according to the Economic Advisory Council to the Prime Minister; it is poised to attain a 9 per cent economic growth in the existing fiscal.

In the Annual Policy Statement, the RBI has visualized GDP growth rate of 8.5 per cent for 2007-08.

Chidambaram said it would be possible to push up the economic growth by bettering the agriculture performance that is stagnant for the last nine years.

Commenting on the evaluations that economists make between India and China, he said the country’s 9 per cent GDP growth speed contrasts well with 10-10.5 per cent China’s growth rate.

He said the country's growth rate vis-a-vis China was not bad in view of the fact that it had to adhere to democratic norms and generate consensus, evolve laws and endure criticism before moving forward.

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