Finance Minister Pranab Mukherjee has expressed optimism that the economy will grow by over seven per cent in the next fiscal and India will revert to the path of fiscal consolidation as the high fiscal deficit cannot be sustained in the long run.<br/><br/>Talking to reporters after the G-20 Finance Ministers meeting in Scotland, Mr. Mukherjee said the country will have growth projection of more than seven per cent next year. With regard to the current fiscal, he said the country is likely to register an economic expansion of 6.5 per cent, less than 6.7 per cent recorded in the previous fiscal.<br/><br/>On the impact of monsoon, the Finance Minister said the country has enough buffer stock of wheat and rice and it is also importing essential items to supplement domestic supply.<br/><br/>As regards the issues of climate change, Mukherjee said these will be discussed at the Copenhagen summit in detail and<br/>stressed that developing countries will have to contribute to the efforts which may need about 80 billion US Dollar by 2030.<br/><br/>
News On AIR | November 9, 2009 10:59 AM
Economy likely to grow over seven pc in next fiscal: FM