India Budget 2010: FM Pranab Mukherjee hopes the economy will rebound back to 8.5 percent annual growth!

Finance Minister Pranab Mukherjee said that financial year 2009-10 was ending with clear signs of economic rebound and the growth would rise to about 8.5 per cent in the next fiscal.

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The Central Statistical Organisation (CSO) in its advance estimates of national income projected 7.2 per cent growth rate for the current fiscal, up from 6.7 per cent a year ago.

"The Survey forecasts a GDP growth of 8.5 percent." - FM Mukherjee

The economy in the second quarter of the current fiscal ending September 2009 recorded a growth rate of 7.9 per cent, much more than anticipated by any analyst or think tank.Enthused by reforms and the strong fundamentals, the Economic Survey on Thursday predicted that India would bounce back to a high nine per cent growth in 2011-12 on the way to becoming world's fastest growing economy in four years.Projecting the economic growth to touch up to 8.75 per cent in 2010-11 and nine per cent in the next year, the Survey said: "It is entirely possible for India to move into the rarefied domain of double digit growth and even attempt to don the mantle" of the fastest growing economy in the world within the next four years.

While Mukherjee has little to give to poor people compared to whole budget scheme, I am very convinced that focus on economic growth really matters in this phase of Indian economy. When will leaders and policymakers learn these simple but important lessons in Kathmandu?