The Indian economy will register a growth rate of around 7 per cent in the current fiscal ending March 2009, said Pranab Mukherjee, who is standing in as the finance minister. The projection is in line with the central bank’s estimate and also by the Prime Minister’s Economic Advisory Council.
“Even at this stage, the projection of the growth, though it will not be 8.9-8.8 percent, would be around 7 per cent,” Mukherjee told reporters. “There is no doubt in it,” he added.
The Reserve Bank of India (RBI) on Tuesday cut its forecast for the year to 7 per cent with a downward bias, from an earlier estimate of 7-7.5 per cent. India has grown at 9 per cent or more in the last three fiscal years ended March 2008.
Mukherjee held his first meeting with senior officers of the finance ministry in his chamber in North Block today. He was briefed on various issues including preparations on the interim General Budget.
He said the government is closely monitoring the impact of various measures in the packages announced recently to stimulate the country’s economy.