The government on Tuesday expressed disappointment over the slowdown in the country’s GDP growth rate and said hard work from all sections, including industry and farmers, was needed to ensure inclusive growth, keeping in mind uncertainty over the global economy and monsoon.
“... It is no doubt disappointing,” Finance Minister Pranab Mukherjee told reporters while commenting on GDP data for the April-June quarter, which showed that growth of the country’s economy slowed down to 7.7 per cent in the first quarter of FY’12 from 8.8 per cent in the corresponding year-ago period.
“There is no room for complacency. We shall have to work very hard — government, industry — and I am confident that our workers and farmers would make their contribution in ensuring growth with inclusion,” he said, adding that one of the important ingredients is creation of more jobs.
Expressing hope that the growth rate would pick up again, Mr. Mukherjee said, “We shall have to keep in mind that there are still some areas of uncertainty — uncertainty in global scenario, uncertainty, of course monsoon is not yet over, last leg is yet to be over.”
However, Mr. Mukherjee said there was a “silver lining” to the country’s economic performance, as 27.7 million jobs were created between 2005 and 2010. Furthermore, there was 7.9 per cent year-on-year increase in overall investments during the first quarter this fiscal, compared to a 0.4 per cent rise in the corresponding year-ago period, which is encouraging, he said. PTI.