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India to break double digit GDP growth barrier in 2011-12'
SURAT: The global financial crisis may have brought down the country's GDP growth from 9 per cent to 7.4 per cent in 2009-10, but the revival in the economy coupled with good monsoon this year is expected to break the barrier of double digit growth in 2011-12, Union finance minister Pranab Mukherjee said while addressing a mammoth gathering at the 69th annual general meeting (AGM) and installation ceremony of the Southern Gujarat Chamber of Commerce and Industry (SGCCI) here on Wednesday.
Speaking at the SGCCI's AGM, Mukherjee said, "We are passing through a difficult phase. Perhaps, we could have broken the barrier of double digit growth in 2010-11 itself had there not been the financial crisis. But, if you look at the growth scenario, we should feel encouraged that we are fast moving ahead to achieve our goals."
Mukherjee said that the latest estimates of GDP growth for 2010-11 is expected to be at 8.5 per cent. As the impact of the global financial crisis is over, the country's exports have started showing the positive signs from October 2009. Until March 2010, the export registered a 54.1 per cent growth and the import registered a 67.1 per cent growth.
"As India is doing well despite facing the financial crisis, FDI flow in the country is expected to touch USD $20.9 billion by December 2010," said Mukherjee.
Talking about the young generation of the country, Mukherjee said, "We have a huge pool of young and talented workforce. The prime minister's council has drawn out an ambitious plan in which, by 2022, the country would have 50 million skilled manpower to cater to the India's trade and industry."
On the Direct Tax Code (DTC), Mukherjee said that the DTC is not the real rate of taxes; it is indicative and secondly it is the proposal and proposals are subjected to scrutiny. The empowered committee of the state finance ministers under the chairmanship of Asim Das Gupta has already begun wide discussions involving people and other stakeholders on its design. The new code seeks to replace the 50-year-old Income Tax Act that has seen as many as 4,500 amendments since it was enacted in 1961.
SURAT: The global financial crisis may have brought down the country's GDP growth from 9 per cent to 7.4 per cent in 2009-10, but the revival in the economy coupled with good monsoon this year is expected to break the barrier of double digit growth in 2011-12, Union finance minister Pranab Mukherjee said while addressing a mammoth gathering at the 69th annual general meeting (AGM) and installation ceremony of the Southern Gujarat Chamber of Commerce and Industry (SGCCI) here on Wednesday.
Speaking at the SGCCI's AGM, Mukherjee said, "We are passing through a difficult phase. Perhaps, we could have broken the barrier of double digit growth in 2010-11 itself had there not been the financial crisis. But, if you look at the growth scenario, we should feel encouraged that we are fast moving ahead to achieve our goals."
Mukherjee said that the latest estimates of GDP growth for 2010-11 is expected to be at 8.5 per cent. As the impact of the global financial crisis is over, the country's exports have started showing the positive signs from October 2009. Until March 2010, the export registered a 54.1 per cent growth and the import registered a 67.1 per cent growth.
"As India is doing well despite facing the financial crisis, FDI flow in the country is expected to touch USD $20.9 billion by December 2010," said Mukherjee.
Talking about the young generation of the country, Mukherjee said, "We have a huge pool of young and talented workforce. The prime minister's council has drawn out an ambitious plan in which, by 2022, the country would have 50 million skilled manpower to cater to the India's trade and industry."
On the Direct Tax Code (DTC), Mukherjee said that the DTC is not the real rate of taxes; it is indicative and secondly it is the proposal and proposals are subjected to scrutiny. The empowered committee of the state finance ministers under the chairmanship of Asim Das Gupta has already begun wide discussions involving people and other stakeholders on its design. The new code seeks to replace the 50-year-old Income Tax Act that has seen as many as 4,500 amendments since it was enacted in 1961.
but could never break this barrier
