India, the world’s second fastest growing major economy, has called the global investor community to participate in the growth story saying the country was poised to expand by 9 per cent.“In the short term it is reasonable to expect that the (Indian) economy will go back to the robust growth path of around 9 per cent average”, he said addressing the seventh India Investment Forum meeting on Wednesday.
Recalling how the country managed to withstand the impact of global financial meltdown, which pulled down the economic growth to 6.7 per cent in 2008-09 from 9 per cent in the preceding three years, Mukherjee told the global investors that “India presents an opportunity for investment that you cannot afford to miss.”
India’s economic growth rate was 7.4 per cent in 2009-10 and is expected to be over 8.5 per cent during the current fiscal. From over 9 per cent average for three years till 2007-08, growth slipped to 6.7 per cent in 2008-09 owing to the global economic crisis.
Pointing out that GDP was 8.8 per cent in the first quarter (April-June 2010), Mukherjee said, “There has been a revival in investment and private consumption demand, though the recovery is yet to attain the pre-2008 momentum.”
The International Monetary Fund has projected the Indian economy to grow by 9.7 per cent in 2010, driven by robust industrial production and macro-economic performance.
The Minister further said that Indian exports were recording “impressive growth” since November-December 2009 and seen a substantial pick up in corporate earnings and profit margins.
Besides improvement in capital flows and business sentiments, he said, “The manufacturing sector has been showing a buoyancy reminiscent of the pre-slowdown years.”