The Indian economy could grow at least 7 per cent in the 2009/10 fiscal year,the same pace of this year,if the global economy starts recovering later this year and as the government’s stimulus packages come into play,a senior official said on Saturday.
Planning Commission deputy chairman,Montek Singh Ahluwalia also said Asias third largest economy may end up with a growth rate of about 6.5 per cent in the second half of this fiscal year that ends in March 31,despite the impact of the global financial crisis.
“We haven’t given any targets but probably from the second half of current fiscal year,the growth rate would have been 6.5 percent or somewhere around that,” Ahluwalia,who advises the government on key policy issues,told reporters.
The global downturn has pushed economic growth in India down to a 6-year low of 7.1 percent estimated for the year to March,from more than 9 percent expansion seen in the previous three years.
“We are growing below our real potential and many sectors are feeling the pain,” Ahluwalia told reporters before a conference.