Job scenario better; time for double-digit growth: FM

Finance Minister Pranab Mukherjee today said the job scenario has improved in the country even as he stressed the need for taking steps to quickly revert to the 9-per cent growth trajectory.

"The employment situation has improved with an increase of 6.38 lakh jobs in October to December 2009 over September 2009 as per the sample survey of eight important sectors carried out by the labour bureau under the labour and employment ministry," Mukherjee said at a function organised by B-school MDI here today.

The Finance Minister further said the country needs to revert to the high growth rate of around 9 per cent and then find the resolve and the means to cross the double-digit growth barrier.

The economy grew 6.7 per cent in 2008-09, after growing at over 9 per cent in the three preceding years, impacted by global financial crisis.  The advance estimate of the Central Statistical Organisation has pegged growth rate at 7.2 per cent for 2009-10.

Mukherjee added exports are recovering with an 11.5 per cent growth in January and 34.8 per cent growth in February 2010.

Further, he said the industrial production growth for February at 15.1 per cent is "quite encouraging. ...When you look at the composition of the growth basket, capital goods production has substantially increased and contributed to the growth by 44 per cent," Mukherjee added.