Sunday, November 14, 2010

Pranab optimistic of return to 9% growth

India should return to an average 9% growth rate in the near term, as most economic indicators suggest a pick up, Finance Minister Pranab Mukherjee told reporters on Sunday.

After the global financial crisis of 2008, India had veered off the trajectory of around 9% growth, slowing down the the Asia\'s third-largest economy to under 7.5% in 2009/10.

\"I am optimistic, India will go back to a growth of around 9% on an average... Which was the growth at pre-crisis levels,\" Mukherjee said.

The finance minister said there was an evidence of a pick up in corporate earnings, profit margins and overall business sentiment.

Mukherjee said although there were some concerns about slowing manufacturing, growth projections for the current fiscal were on track.

The government expects the economy to grow at 8.5% in the fiscal year that ends in March 2011.

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