FM says 8% growth difficult, pegs it at 6-7.4 % for FY05 Monday, July 12 2004 19:24 Hrs (IST)
New Delhi:
Finance Minister P Chidambaram today said 8.0 per cent GDP growth would be "difficult" this fiscal on the back of high 8.2 per cent attained in 2003-04.
"It is difficult to achieve 8.0 per cent growth this fiscal on 8.2 per cent of last fiscal. The 8.2 per cent growth of 2003-04 was on the back of a low 4.0 per cent in the previous fiscal, which is slight statistical illusion," he said at a CII post-budget meeting.
After 8.2 per cent growth, he said projections of 6.5-7 per cent was reasonable.
"I have said it will be between 6-7.4 per cent and any number close to 7.4 per cent, I will be happy," he said.
Dwelling at length on reform measures unveiled in the budget, Chidambaram said the reform programme will be carried out in five years and the UPA (United Progressive Alliance) Government under Manmohan Singh will last for five years to deliver.
"I am old-fashioned. I am here to play a 5-day Test match and not to play a 1-day international. The Government is to last full five years and we will be here to deal with all the concerns," he said.
While admitting that all the concerns cannot be addressed in one budget, he said "Main Hoon Naa (I am here to address all your concerns)."