Indian Finance Ministry said the Country may Surpass the Growth Rate of 8.5%-8.75%.

Pranab Mukherjee the honorable Finance Minister of India said on Thursday that the country can surpass its target economic growth of eight decimal five to eight decimal seven five percent in this financial tear ending in the month of March.

Mr. Mukherjee had been found saying at a conference that he is optimistic about surpassing the target growth of eight decimal five to eight decimal seven five percent by end of the current financial year which was given in The Economic Survey ,the Governments annual report on economy.

India saw a better than expected economic growth in the period ranging from April till May which was in the tune of eight decimal eight percent. Pranab Mukherjee further added that to make the shabby infrastructure of the country better it needs to invest more.

In the financial year of 2008-09 the country’s economic growth slackened and went down to six decimal seven percent from nine percent growth of the earlier three years. That had happened due to the effect of the world economic crisis.

To fight the devastating impact of the global economic crisis the government tried to boost up economy by providing stimulus to it in the kinds of cutting taxes and increasing public expenditures. This had shot the economic growth in the last financial year to seven decimal four percent.

In the first quarter of the current financial year the economy of the country has grown by eight decimal eight percent in comparison of six percent of the previous year.

The growth in the first quarter of the current financial year is heartening as the government has withdrawn the stimulus partially and has raised the excise duty, ranging from two percent to ten percent.

Source : topnews.com.sg