Allaying apprehensions that global events like high oil prices may impact growth, Finance Minister Pranab Mukherjee today exuded confidence that the economy would return to nine per cent growth in 2011-12.
“We can and we shall (achieve nine per cent GDP growth),” Mukherjee said while replying to debate on General Budget in Lok Sabha.
“…In the year which we are coming to an end (GDP) is 8.6 per cent. And therefore if I project that my GDP growth will be 9 per cent, the figure is credible”, he said.
Crude prices has become a big concern for the government as it is over USD 100 a barrel, mainly driven by political unrest in the Middle-East, first in Egypt and now in Libya.
The pre-Budget Economic Survey tabled in Parliament also projected the real GDP to grow by 9 per cent (+/-0.25) in 2011-12.