YS Sujana Chowdary Updates from Rajya Sabha. Questions Debates and Current News
Tuesday, March 15, 2011
Slow-Down In Economic Growth Of The Country
MINISTRY OF FINANCE
STARRED
QUESTION NO .274
ANSWERED ON 15.03.2011
Will the Minister of FINANCEbe pleased to state :- (a) whether according to some reports, India`s growth is likely to slow-down in 2012; (b) if so, whether Government contemplates to initiate proactive measures for avoiding such a scenario; (c) if so, the details thereof; and (d) the growth rate of the country at present as per the estimates of Government? ANSWER FINANCE MINISTER (SHRI PRANAB MUKHERJEE) (a) to (d): A Statement is laid on the Table of the House. STATEMENT REFERRED TO IN REPLY TO RAJYA SABHA STARRED QUESTION NO. 274 BY SHRI Y.S. CHOWDARY DUE FOR ANSWER ON 15th March, 2011 (a) to (d) The Indian economy has emerged with remarkable rapidity from the slowdown caused by the global financial crisis of 2007-09. With growth in GDP at factor cost at constant (2004-05) prices in 200910 now estimated at 8.0 per cent by the Quick Estimates released on 31 January 2011 and 8.6 per cent in 2010-11 as per the Advance Estimates of the Central Statistics Office (CSO) released on 7 February 2011, the turnaround has been fast and strong. The CSO does not have any estimate for growth in the next fiscal or beyond. However, the Economic Survey 2010-11 indicates that outlook for the medium term remains bright and expects growth to be 9.0 per cent (+/- 0.25) for 2011-12 on the strength of pickup in savings and investment rates at the given incremental capital output ratio. There are other institutional projections that estimate somewhat lower growth rates for the Indian economy. The International Monetary Fund forecast (as per the January 2011 World Economic Outlook [WEO] update) estimates growth in constant market prices in the Indian economy at 8.4 per cent in 2011 and 8.0 per cent in 2012 following a growth of 9.7 per cent in 2010. Growth forecasts, by whichever agency however carefully made, are subject to error. The Government has pursued prudent macroeconomic policies on an ongoing basis with a countercyclical focus in recent- years to obviate the impact of global financial crisis, strengthened structural measures to promote growth, develop product as well as financial markets, and increased social spending to provide a stronger foundation to protect the poor.
Will the Minister of FINANCEbe pleased to state :- (a) whether according to some reports, India`s growth is likely to slow-down in 2012; (b) if so, whether Government contemplates to initiate proactive measures for avoiding such a scenario; (c) if so, the details thereof; and (d) the growth rate of the country at present as per the estimates of Government? ANSWER FINANCE MINISTER (SHRI PRANAB MUKHERJEE) (a) to (d): A Statement is laid on the Table of the House. STATEMENT REFERRED TO IN REPLY TO RAJYA SABHA STARRED QUESTION NO. 274 BY SHRI Y.S. CHOWDARY DUE FOR ANSWER ON 15th March, 2011 (a) to (d) The Indian economy has emerged with remarkable rapidity from the slowdown caused by the global financial crisis of 2007-09. With growth in GDP at factor cost at constant (2004-05) prices in 200910 now estimated at 8.0 per cent by the Quick Estimates released on 31 January 2011 and 8.6 per cent in 2010-11 as per the Advance Estimates of the Central Statistics Office (CSO) released on 7 February 2011, the turnaround has been fast and strong. The CSO does not have any estimate for growth in the next fiscal or beyond. However, the Economic Survey 2010-11 indicates that outlook for the medium term remains bright and expects growth to be 9.0 per cent (+/- 0.25) for 2011-12 on the strength of pickup in savings and investment rates at the given incremental capital output ratio. There are other institutional projections that estimate somewhat lower growth rates for the Indian economy. The International Monetary Fund forecast (as per the January 2011 World Economic Outlook [WEO] update) estimates growth in constant market prices in the Indian economy at 8.4 per cent in 2011 and 8.0 per cent in 2012 following a growth of 9.7 per cent in 2010. Growth forecasts, by whichever agency however carefully made, are subject to error. The Government has pursued prudent macroeconomic policies on an ongoing basis with a countercyclical focus in recent- years to obviate the impact of global financial crisis, strengthened structural measures to promote growth, develop product as well as financial markets, and increased social spending to provide a stronger foundation to protect the poor.
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