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Rediff News  All News  » Business » Growth disappointing, things to look up next fiscal: Montek

Growth disappointing, things to look up next fiscal: Montek

February 27, 2013 18:45 IST

Montek Singh AhluwaliaExpressing disappointment over growth slowing to 5 per cent this fiscal, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Wednesday that things would look up in next financial year.

"I don't think the evidence is very strong at the moment that there is a bounce, and that is a disappointment.

"But working with 5 per cent is not unreasonable," he said while commenting on the Economic Survey which pegged the growth rate for the 2012-13 at 5 per cent.

The document which was tabled in Parliament by Finance Minister P Chidambaram has projected the growth rate for next fiscal at 6.1-6.7 per cent.

Ahluwalia said, "6.1-6.7 per cent growth is what we should be aiming at. . . the key is what we do next fiscal.

“The impediments to investment are being addressed by Cabinet Committee on Investment and higher growth is possible.

“Good sense and good economics will survive."

He further said that the economic growth for the fiscal year will mainly depend on a bounce in the last quarter (January-March).

The Central Statistical Organisation has projected 5 per cent economic growth in the current fiscal in its advance estimates released earlier this month.

The economic growth in the first half (April-September) of this fiscal was almost a decade low at 5.4 per cent down from 7.3 per cent in the same period a year ago.

Image: Montek Singh Ahluwalia

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