FM pegs 2010-11 GDP growth at 8.4%

‘But industry must look for inclusive growth’.

Finance Minister Pranab Mukherjee today said he expected India to better IMF’s projected GDP growth rate of 8.4 per cent in 2010-11.

The minister was speaking at the CII National Conference and Annual Session 2010 on ‘Implementing Inclusive Growth and Development’. Mukherjee said the theme resonated with the core agenda of the government, which has effected the Right to Information, Right to Work and Right to Education and was working on guaranteeing foodgrain for the poorest sections of the society through the Food Security Bill.

He admitted the governance and implementation remained the key determinants of ensuring inclusive growth, and the leakages and pilferage needed to be plugged for inclusive growth. UIDAI is a step forward in that direction.

CII President Venu Srinivasan and President-Designate Hari Bhartia assured the minister of working for inclusive growth and enhancing employability skills of the Indian youth through vocational training. Skill development was an imminent challenge before the government and the industry, he said.

In another session, Commerce Minister Anand Sharma said: “India’s future export and investment opportunities will be found in new geographies in Asean countries, Latin America, and Africa, where a new middle-class similar to India’s own is rising,” said Sharma. He urged industry to aggressively seek opportunities in these new markets, even as the government facilitated the process through FTAs and other economic diplomacy initiatives.

He expressed concern on the stagnant share of manufacturing in GDP and said this called for a comprehensive strategy. The new National Manufacturing and Investment Zone (NMIZ) policy under consideration would provide a package of incentives and policy reforms to push the Indian manufacturing sector.

Latter addressing the gathering, Home Minister P Chidambaram said an important area to focus on in terms of inclusive growth was naxal inflicted states. He urged the industry to think beyond balance sheets and play active role in cooperation with the government to tackle the issue.