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Economy projected to grow by double-digits
MUMBAI - Finance minister Pranab Mukherjee expects the Indian economy to grow at double-digit rates in the near future. Presenting his budget to the Lok Sabha, Mukherjee pointed out that in fiscal 2011-12, the economy would expand by nine per cent.
In the current fiscal year ending March 31, 2011, GDP growth would be at 8.6 per cent, with the services segment expanding by 9.6 per cent, industries at 8.1 per cent and agriculture also by a robust 5.6 per cent.
Mukherjee, who had been under fire over the past few months for alleged mismanagement of the economy — resulting in high food-price inflation — admitted that inflation and corruption were the major challenges confronting the government. The finance minister, however, promised that average inflation would be tamed over the coming months and it would be down to manageable levels.
“While inflation has come down in terms of percentage, from 20.2 to 9.3, I still feel it is at unacceptable levels,” Mukherjee told reporters after presenting the budget. According to him, the message he conveyed in the budget was “that we shall have to resort to fiscal prudence and fiscal consolidation shouldtake place.”
He admitted, however, that though the budget signalled continuation of reforms, these would not be through “dramatic announcements” but by addressing issues that can improve governance and delivery.
One of the major moves relating to capital inflows was allowing foreigners to invest individually in domestic mutual funds. “This would enable Indian mutual funds to have direct access to foreign investors and widen the class of foreign investors in Indian equity markets,” said Mukherjee in his budget speech. At present, only foreign institutional investors, or FIIs, are allowed to invest in Indian mutual funds.
The investment limit for FIIs in corporate bonds issued by infrastructure companies has also been jacked up; FII investments in corporate bonds with residual maturity of over five years issued by companies in the infrastructure sector has been raised from $5 billion to $25 billion. The total limit for foreign investors in corporate bonds is $40 billion.
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