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PM's trade panel to come up with
report to boost agriculture output:
A sub-committee of the Prime Minister's Council on Trade and
Industry on agriculture held its first meeting here on Friday. The
designated members ....
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New Delhi:
The Indian economy would grow to $ 1.72 trillion in 2011-12, moving
closer towards the $ 2 trillion mark, according to an assessment by
the Prime Minister’s Economic Advisory Council (PMEAC).
The country’s gross domestic product (GDP) at the market and current
prices was measured at $ 1.31 trillion in 2009-10 and is estimated
to be $ 1.52 trillion in the current fiscal, the PMEAC said in its
latest economic outlook.
Pegging the GDP growth at nine per cent, the economy would reach a
level of $ 1.72 trillion in 2011-12, it said.
If the nine per cent growth trend is maintained, India would become
$ two trillion economy in 2013-14 fiscal.
In the assessment, the PMEAC, headed by noted economist C.
Rangarajan, said that it is imperative for India “to preserve
conditions that will enable it to return to the 9 per cent growth
trajectory”.
After slowing down to 6.7 per cent in 2008-09 and 7.4 per cent in
2009-10, the Indian economy is projected to expand at 8.5 per cent
this fiscal and by nine per cent in 2011-12.
According to experts, services and manufacturing sectors will remain
the key drivers pushing the coveted growth to two trillion dollar
mark.
“Services sectors particularly transportation and telecom sectors
will lead the growth. Rising income levels and aspirations of people
will further the industrial output,” CRISIL’s chief economist D. K.
Joshi said.
In the first two months of current fiscal, the industrial production
recorded an annual growth of 14 per cent. “The lead indicators of
service sector also suggest increased economic activity,” Reserve
Bank Governor D. Subbarao said in the first quarter credit policy
review.
If the tax reforms are implemented as planned from next fiscal, the
economy would get further push.
“The gain from GST will propel the country from one-trillion dollar
economy to two trillion-dollar economy in a short span of time,”
Finance Minister Pranab Mukherjee recently said.
Before the global economic slowdown since 2008, the Indian economy
grew by over nine per cent for three years in a row from 2005-06 to
2007-08 and expansion was maintained by industry and services
sectors.
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