As per Deputy Chairman of Planning Commission Montek Singh Ahluwalia the Indian economy is likely to grow at a pace of 7.5-8 percent in the next year. Ahluwalia asserted that in a globalised world India cannot become self-reliant and the prevailing economic slowdown is mainly caused by global factors and partially by domestic factors.
Referring to the Indian economic growth over the period of time, Ahluwalia emphasized that reforms have been carried out gradually in large diversified highly democratic country in order to pick up economic growth. However, it takes time to bring economic turnaround. The Indian economy grew by 9 percent for five years in the previous decade, while it came down to 6 percent due to the global financial crisis.
Presently, domestic economy growth has recorded to 4.8 percent in Q2 FY14 as comparison to 4.4 percent in Q1 FY14. Furthermore, the current account deficit (CAD) has narrowed to $5.2 billion, or 1.2% of GDP in Q2 FY14 as against the 4.9% of GDP in the Q1 FY14 on the back of growing exports and declining imports of the country.
Referring to the Indian economic growth over the period of time, Ahluwalia emphasized that reforms have been carried out gradually in large diversified highly democratic country in order to pick up economic growth. However, it takes time to bring economic turnaround. The Indian economy grew by 9 percent for five years in the previous decade, while it came down to 6 percent due to the global financial crisis.
Presently, domestic economy growth has recorded to 4.8 percent in Q2 FY14 as comparison to 4.4 percent in Q1 FY14. Furthermore, the current account deficit (CAD) has narrowed to $5.2 billion, or 1.2% of GDP in Q2 FY14 as against the 4.9% of GDP in the Q1 FY14 on the back of growing exports and declining imports of the country.
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