India passing through difficult times, GDP to slip to 7%: PM

Prime Minister Manmohan Singh Sunday said the country was passing through difficult times and the economic growth in the current fiscal would be 7 percent, down from 8.5 percent a year ago.“Our country is going through difficult times … We are up to the task of meeting these challenges we face as a nation”, he said while addressing the 10th Pravasi Bharatiya Divas being attended by over 1,900 overseas Indians.
Despite an adverse international environment, Singh said, “the Indian economy is expected to grow by about 7 percent this financial year ending March 31.”
The country recorded a Gross Domestic Product (GDP) growth rate of 8.5 percent in 2010-11 and was initially estimated to grow by 9 percent in the current fiscal. The growth rate projection, however, was scaled down gradually by the Reserve Bank as well as the Finance Ministry.

 Although Finance Minister Pranab Mukherjee had yesterday said the growth rate in 2011-12 would be about 7.5 percent, Singh further lowered the projection to 7 percent.
The growth rate in the first half of the year slipped to 7.3 percent from 8.6 percent in the year ago period.  The Prime Minister, however, exuded the  confidence that growth rate in the coming years would go up to 9-10 percent as the “economic fundamentals are strong and …constitutional processes are robust”.

“…we hope to bring back the rhythm of our growth process to sustain an annual growth rate of 9-10 percent in the medium-term. Our domestic savings rate which currently stands at 33-35 percent of our GDP will greatly facilitate the realisation of our growth objectives”, he said. 


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