Economic growth likely at 10 per cent in three years: chief economic advisor
25 Feb 2011
New Delhi: India's economic growth rate could well be in double digits over the next three years, according to the chief economic advisor, Kaushik Basu, given the fact that economic recovery was faster than anticipated. He also felt that the political turmoil in the Middle East was not likely to impact the economy, unless crude oil prices rose to "abnormally" high levels.
Basu is the main author of the Economic Survey 2010-11, which was tabled in Parliament by finance minister, Pranab Mukherjee, earlier in the day.
"In the next three years, it is possible (10 per cent growth rate)," he told reporters when asked if India could achieve an economic growth rate of 10 per cent.
The Survey projects that economic growth would return to the pre-global crisis level of 9 per cent in the period 2011-12, from 8.6 per cent in the current fiscal and 8 per cent a year ago.
Growth rate slipped to 6.8 per cent in 2008-09, from over 9 per cent in the preceding three years, in the aftermath of the global financial meltdown.
An imbalance in the quantum of FDI and FIIs entering the country was also not a "serious worry" for Basu, who said he expects them to be corrected soon.
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