The Finance Minister Pranab Mukherjee has cautioned that an high economic growth with out its benefits reaching the poor will not achieve the national goal. Speaking at a function in New Delhi he asked banks to focus on the weaker section of the society. Pranab Mukherjee said banks should expand their reach and contribute to inclusive growth as high GDP numbers without benefiting the poor remain just a statistical number.The Minister said even though IMF has projected Indian economy to grow by over 9.7 per cent this year, he would stick to the growth projection of 8.5 per cent this fiscal. Mukherjee said there would be an estimated gap of 30 per cent for the one trillion dollar investment pegged for infrastructure during the 12th five year Plan.For better coordination among regulators, Mukherjee said his ministry has decided to establish the Financial Stability and Development Council. Referring to reforms, Mukherjee said another important legislation is on the anvil for setting up Financial Legislative Reforms Commission . He said that the objective is to update various financial sector related legislation, so that it can be in tune with prevailing conditions.
News On AIR | November 19, 2010 6:27 PM
Pranab cautions high economic growth without its benefits reaching poor will not achieve national goal