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Economy to grow over 8.75% in FY11: FM


New Delhi: Finance minister Pranab Mukherjee today exuded confidence that the Indian economy will post better growth than 8.75% this fiscal, as projected by the economic survey, reports PTI.

"I am optimistic that at the end of this year we will be able to surpass our gross domestic product (GDP) growth forecast of 8.5%-8.75% given in the Economic Survey," Mr Mukherjee said at a function on Indo-German Industrial and Economic cooperation.

Indian economic growth slowed down to 6.7% in 2008-09 from 9% in the previous three years, as an aftermath of the global financial crisis.

To blunt the impact of the global crisis, the government provided stimulus to the economy by cutting taxes and stepping up public expenditure. This catapulted economic growth to 7.4% last fiscal.

The Indian economy expanded by 8.8% in the first quarter of this fiscal against 6% a year ago. The first quarter growth this fiscal is encouraging, particularly since the government partially withdrew the stimulus by raising excise duty by 2% to 10%.

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