InfoAnda - India says growth returning to robust pre-crisis levels

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World India says growth returning to robust pre-crisis levels AFP - Wednesday, October 27 Send IM Story Print India says growth returning to robust pre-crisis levels Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – India is set to return to the "robust" nine percent growth it enjoyed before the global economic crisis, giving the country scope to restore fiscal discipline, the finance minister said Tuesday. "The economy is well on its way to regaining the growth momentum of the year prior to the global slump," Pranab Mukherjee told journalists in New Delhi, painting a rosy picture for Asia's third-largest economy. The economic acceleration was broad-based, with industry, services and agriculture all recovering despite fears of a new global downturn, he said. The macroeconomic environment "is far more comforting at present than last year," he said in a wide-ranging review of the economy. He projected growth for this fiscal year to March 2011 of 8.5 percent "plus or minus 0.25 percent" and said 9 percent or more was within reach in the "near future". "The economy will go back to the robust growth path of around nine percent average," Mukherjee said. India posted average annual growth of 9.5 percent between 2006 and 2008 before the financial slump, and Mukherjee has said India could post double-digit growth within the next five years for the first time. Inflation, which has become a heated political issue, is still too high at 8.62 percent but should cool to six percent by year end, the minister said. The strong performance gave India room to roll back fiscal stimulus steps implemented to shield the economy from the global crisis, he said. India was on track to shrink its fiscal deficit to 5.5 percent of gross domestic product this year from 6.7 percent last year, Mukherjee said. The government expects to wrestle down the deficit to 4.8 percent next fiscal year and 4.1 percent the following year, he said. The fiscal consolidation has been helped by buoyant tax revenues, windfall earnings from the auction of third-generation mobile spectrum and government sell-offs of state-run companies. Mukherjee rated India's biggest-ever share sale of a 10 percent stake in state-run Coal India that wound up last week raising 3.4 billion dollars, an "unqualified success" after investors ordered 15 times the shares up for grabs. The government aims to hold sell stakes in seven more state-run firms in the next five months as it takes advantage of a stock market trading near record highs, fuelled by foreign investors gambling on better returns in India than at home. "The department of disinvestment is hopeful of achieving its target" of raising 400 billion rupees (nine billion dollars) this year, Mukherjee said. He said India has no immediate plan to curb foreign capital inflows which have strengthened the rupee to a 25-month high against the US dollar. India's bond and share markets have drawn 34 billion dollars in foreign funds since January, sparking concern among analysts worried that the flood of money could be creating an asset bubble. "I'm not thinking of putting any cap on foreign institutional investment," Mukherjee said, adding India had dealt with similar situations in the past without recourse to "stringent policy measures." 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