Infra investment to push growth to 8 pc in 3 years: Montek

Tags: News
Attributing declining growth to global and domestic factors, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said efforts to revive infrastructure investment would help in reverting to 8 per cent growth in next three years.

"We are working to revive the pace of investment in infrastructure, which we believe can provide the basis for a return of growth back to eight percent over a three year period. Our economic fundamentals are strong and we believe that a return to high growth is possible," Ahluwalia said while addressing the Strategic Economic Dialogue (SED) forum.

In the October-December quarter, India's economy grew below expectations at 4.7 per cent on falling output in the manufacturing sector.

Growth in the first nine months (April-December) was 4.6 per cent.

The economy must expand by 5.7 per cent in January- March quarter to achieve the estimated GDP expansion of 4.9 per cent in 2013-14.

"GDP growth in India has slowed down to around 5 per cent over the past two years, partly because of the global downturn but also because of the certain domestic constraints, which we have been addressing," he said.

Ahluwalia congratulated China for achieving 7.7 per cent growth, which was above than the targeted 7.5 per cent.

"Whatever be the outcome of the general election (in India), I am confident that the objective of strengthening bilateral economic relations with China will not be altered ...," he said.

EDITORIAL OF THE DAY

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Centre set to scrap 60:40 norm for NITs

A committee set up by the ministry of human resource ...

Zehra Naqvi

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture