Monsoon, oil not to hit GDP: Montek

Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday said the Commission’s assessment of 7 per cent economic growth for...

Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday said the Commission’s assessment of 7 per cent economic growth for the current fiscal remains unchanged. This is despite the delayed monsoon and spike in gobal crude oil prices.

Ahluwalia, who was speaking to newspersons after delivering the Sir Purushotamdas Thakurdas Memorial Lecture, organised by the Indian Institute of Banking & Finance, said it was too early to warrant any reassessment of the growth prospects.

The performance of the economy, according to him, will be reviewed on Monday and Tuesday at a mid-term appraisal by the National Development Council (NDC). The NDC will discuss 59 important policy initiatives to give further fillip to the economy so that 8 per cent growth can be attained.

“India should aim for an 8 per cent ‘inclusive’ growth. Given that over 60 per cent of the population depends on agriculture for livelihood, ‘inclusive’ growth will happen only if the agriculture sector doubles its growth rate to 4 per cent. This growth should come via diversification in the agriculture sector by focusing on development in areas like horticulture, dairy farming, livestock, et al,” Ahluwalia added.

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