See 8.5% growth in FY11: Pranab Mukherjee

At the International Convention, organised by Association of National Exchanges Members of India (ANMI), Pranab Mukherjee, Finance Minister said, the year 2009-10 started with difficult challenges and the global financial meltdown was strong. “The economy witnessed a significant slowdown in the growth rate in the second half of 2008-09 following the financial crises that began in the industrialised nations in 2007 and spread to the real economic sector across the world.”

However India, he said, stood up with challenge and took necessary monetary and fiscal measures. The subsequent recovery of the Indian economy not only understood the effectiveness of the policy response, but also the resilience of our institutional structure, he added.

Indian economy, he said, grew at about 7% in 2009-10, which was quite impressive by global standards. “I am hopeful that the growth rate will climb back to between 8.25% and 8.75%, and perhaps at the midpoint around 8.5% in 2010-11.”