Government has exuded confidence that the economy would soon revert to 9 per cent growth. Speaking at the India Economic Summit in New Delhi today, Finance Minister Pranab Mukherjee said the challenge now is to find the means to cross the double-digit growth barrier in the coming year or two.This fiscal, the government expects to grow by 8.5 per cent. Mr.Mukherjee based his confidence in the growth story on high savings, investment rates and pick up in corporate earnings and profit margins. The Finance Minister said the government's objective is to harness high growth for the development process by making economic expansion inclusive.Talking about various reforms, Mr. Mukherjee said the government has decided to set up financial stability and development council, financial sector legislative reforms commission to rewrite financial sector loss. He said efforts are under way to introduce new indirect tax , while the direct taxes code has been unveiled to replace the archaic income tax act. The three-day India Economic Summit, kicked off in New Delhi this afternoon will focus on issues like infrastructure, inclusive growth and protectionism. Over 700 corporate chiefs and board representatives from 50 countries are participating in the event organised by the Geneva-based World Economic Forum (WEF). AIR correspondents reports, under the theme, ''Implementing India'', the summit will attempt to set the context for moving from agenda to action.The summit will focus on modalities for domestic and international decision-makers from business, government and civil society to implement national policies across the states in both rural and urban areas to accelerate economic development, lift barriers to growth and increase social inclusion. The summit would also discuss the burning issue of protectionism, with several countries in the world now resorting to protectionist measures even as the global economy grapples with a fragile recovery.
News On AIR | November 14, 2010 4:48 PM
Economy to soon revert to 9 % growth: Finance Minister