India also affected by global financial crisis, accepts Mukherjee

KOLKATA - Union Finance Minister Pranab Mukherjee has said that Indian economy was also affected during the international financial crisis period and it has slowly recovered after the slump.

Addressing a function at the Indian Statistical Institute here on Friday, Mukherjee said: “From 2003-04 to 2007-08 our annual average GDP growth was nine percent. After the international financial crisis. In most part of the world there was sluggishness. Some had negative growth and we were not totally isolated from that thrust impact from that financial crisis.”

During the year 2008-09 the GDP growth came down to less than seven percent as an after affect of certain trends in the previous year.

However, he observed that the Indian economy would regenerate and achieve the desired target as per what he had projected in the Budget for the current fiscal.

In my Budget speech in the current year, 2010-11 it will be around 5 to 8.7 percent, added Mukherjee.

He also informed that according to the latest CSO (Central Statistical Organisation) report, the GDP growth rate has been revised from 7.6 to 8 percent.

In the first two quarters of the current financial year, the indicators of Indian economy had recorded growth of 8.9 percent. (ANI)