SME Times News Bureau | 12 Apr, 2010
Hoping that India's growth rate would climb back to between 8.25 and 8.75 percent in 2011, Finance Minister Pranab Mukherjee Saturday indicated that the government might withdraw some of the stimulus measures announced during the economic meltdown.
"I am hopeful the growth rate will climb back by 8.25-8.75 percent and perhaps at the mid point 8.50 percent," Mukherjee said while speaking at an international convention organised by the Association of National Exchanges Members of India (ANMI) with SEBI and the National Stock Exchange (NSE).
"The Indian government took up the challenge (posed by the meltdown) with monetary and fiscal measures. The successful improvement in the economy not only underscores the effectiveness of the response but also shows the resilience of the institutional structure," he said.
He said the doubling of the sensex from a low of around 9,000 to the present level of 18,000 was a market reflection of the improved scenario.
"Even the economic growth of about 7 percent in 2009-10 as a whole is quite impressive by global standards".
"This broad-based recovery has set the roadmap for the gradual roll-back of some unconventional and extraordinary measures taken by the government," he said.
