PM says economy may grow 9-10 percent from 2011/12
The economy is likely to grow between 9 and 10 percent from the next fiscal year that starts from April 1, after growing 8.5 percent in the current fiscal year, Prime Minister Manmohan Singh said on Saturday.
"Despite the uncertain global economic
scenario, I am happy that our economic recovery is progressing very well,"
Singh told the annual meeting of non-resident Indians in
"We expect that from the next year onwards, we will be able to grow at a rate between 9 and 10 percent."
Even as the economic recovery seems to be on track, Singh's government is under pressure to rein in inflation, particularly soaring food prices.
Although unseasonal rains are officially blamed for pushing up prices of vegetables such as onions and tomatoes, some commentators point instead to poor agricultural productivity and transport after years of few reforms and weak government investment.
Food articles have a weight of 14.34 percent in
the wholesale price index ,
Singh remained silent on inflation, but Finance Minister Pranab Mukherjee -- speaking at the same event -- acknowledged the need to control it.
"We have to take all measures to keep inflation at a moderate level," Mukherjee said.