India should return to an average 9 per cent growth rate in the near term, as most economic indicators suggest a pick up, Finance Minister Pranab Mukherjee said on Sunday.
After the global financial crisis of 2008, India had veered off the trajectory of around 9 per cent growth, slowing down the the Asia's third-largest economy to under 7.5 per cent in 2009-10.
"I am optimistic, India will go back to a growth of around 9 per cent on an average... Which was the growth at pre-crisis levels," Mukherjee said.
The finance minister said there was an evidence of a pick-up in corporate earnings, profit margins and the overall business sentiment.
Mukherjee said although there were some concerns about slowing manufacturing, growth projections for the current fiscal were on the track.
The government expects the economy to grow at 8.5 per cent in the fiscal year that ends in March 2011.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app