With the country’s economic fundamentals strong and investment climate full of optimism, Finance Minister P. Chidambaram on Thursday exuded confidence on achieving an average GDP growth of nine per cent during the Eleventh Plan period (2007-08 to 2011-12) while reining in inflation alongside.
As for the outlook for 2008-09, Mr. Chidambaram said: “Optimism, but with caution, is the watchword” while commenting on the policy prescriptions of the Economic Survey 2007-08 which projected a lower GDP growth of 8.7 per cent for the current fiscal and, in that light, viewed sustenance of a high growth as a daunting task.
Speaking to newspersons immediately after tabling the Survey in Parliament, Mr. Chidambaram pointed out that the country was required to respond to the evolving global economic situation so as to ensure that its growth was not affected and this, he said, could be achieved by capitalising on the opportunity arising from the “favourable” conditions.
“I am optimistic about growth and containment of inflation in the coming year [2008-09],” he said, while noting that his priority was to provide a conducive investment climate and manage the macro economy to facilitate non-inflationary growth.
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