Growth Rate Manmohan Singh

Former Prime Minister Manmohan Singh today said he didn't see the economy reaching the 5 trillion dollar target by 2024, with growth declining year after year. He also said the economy is in a "vicious slowdown" which could be salvaged only if the growth rate shot up.

In a veiled dig at Prime Minister Narendra Modi, UPA Chairperson Sonia Gandhi on Monday said that "fanciful boasts, self-promoting bombast and the language of abuse and vitriol" was not the style of Manmohan Singh who presided over the country's highest economic growth rate in his tenure as Prime Minister.

Dismissing reports about higher economic growth during the UPA Government's regime, NITI Aayog Vice-Chairman Rajiv Kumar on Saturday said that the economic growth or Gross Domestic Product under Narendra Modi government has been higher than previous governments.

Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since liberalisation of the economy in 1991, according to an official data.

Former Prime Minister Manmohan Singh on Saturday said it was too early to conclude that the economic slowdown has reversed as the 6.3 per cent growth rate in the July-September quarter did not take into account the small and medium sector which suffered huge losses in the aftermath of demonetisation and hasty implementation of GST.

India can achieve a growth rate of 8-9 per cent provided there is a "national consensus" on methods to take advantage of the globalised world, said former Prime Minister Manmohan Singh, whose tenure saw the economy registering three years of 9-plus growth rate.

Agriculture growth rate, it said, has been rising consistently and the sector expanded by 2.5 per cent and 3.7 per cent during the 10th and 11th Five Year Plans, respectively, and expected to touch 4 per cent in the ongoing 12th Plan period.

Aiming to return to 7-8 per cent growth rate, Prime Minister Dr Manmohan Singh today said India and China should forge cooperation in eight critical areas like infrastructure, energy, manufacturing and agriculture to negate the effect of prolonged global economic crisis.

Economic data in coming days will likely offer further evidence of weak growth and high inflation, complicating the Reserve Bank of India's mission of cooling prices without worsening the slowdown and adding to the government's difficulties as it heads into an election season.

Global rating agency Fitch has cautioned that fiscal slippage could have negative bearing on India's sovereign rating, which is at the lowest investment grade in view of the countrys weakening current account deficit and persistent inflationary pressure.

Indias uncomfortably high inflation coupled with supply constraints is impacting its growth, which slowed to 4.4 per cent in the quarter ended June, 2013, according to global credit rating agency Moody's.

The meeting is likely to be attended by CII president Kris Gopalakrishnan, ICICI Bank MD and CEO Chanda Kochhar, HDFC chairman Deepak Parekh, and Bharti group chairman Sunil Mittal besides several others.

Rating agency Icra has brought down its FY14 economic growth estimate by 0.40 percentage points to 5.4-5.6 per cent on weak economic data and recent rupee volatility.

The PMI index, which gauges business activity in Indian factories but not its utilities, has held above the watershed 50 level that divides growth from contraction for over four years.

Suffering from low growth and an investment drought, India needs foreign inflows to help fund a worryingly high current account deficit, while the RBI wants lower inflation to feel more comfortable about reducing interest rates that are among the highest of all the major economies.

Former Prime Minister Manmohan Singh today said he didn't see the economy reaching the 5 trillion dollar target by 2024, with growth declining year after year. He also said the economy is in a "vicious slowdown" which could be salvaged only if the growth rate shot up.

In a veiled dig at Prime Minister Narendra Modi, UPA Chairperson Sonia Gandhi on Monday said that "fanciful boasts, self-promoting bombast and the language of abuse and vitriol" was not the style of Manmohan Singh who presided over the country's highest economic growth rate in his tenure as Prime Minister.

Dismissing reports about higher economic growth during the UPA Government's regime, NITI Aayog Vice-Chairman Rajiv Kumar on Saturday said that the economic growth or Gross Domestic Product under Narendra Modi government has been higher than previous governments.

Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since liberalisation of the economy in 1991, according to an official data.

Former Prime Minister Manmohan Singh on Saturday said it was too early to conclude that the economic slowdown has reversed as the 6.3 per cent growth rate in the July-September quarter did not take into account the small and medium sector which suffered huge losses in the aftermath of demonetisation and hasty implementation of GST.

India can achieve a growth rate of 8-9 per cent provided there is a "national consensus" on methods to take advantage of the globalised world, said former Prime Minister Manmohan Singh, whose tenure saw the economy registering three years of 9-plus growth rate.

Agriculture growth rate, it said, has been rising consistently and the sector expanded by 2.5 per cent and 3.7 per cent during the 10th and 11th Five Year Plans, respectively, and expected to touch 4 per cent in the ongoing 12th Plan period.

Aiming to return to 7-8 per cent growth rate, Prime Minister Dr Manmohan Singh today said India and China should forge cooperation in eight critical areas like infrastructure, energy, manufacturing and agriculture to negate the effect of prolonged global economic crisis.

Economic data in coming days will likely offer further evidence of weak growth and high inflation, complicating the Reserve Bank of India's mission of cooling prices without worsening the slowdown and adding to the government's difficulties as it heads into an election season.

Global rating agency Fitch has cautioned that fiscal slippage could have negative bearing on India's sovereign rating, which is at the lowest investment grade in view of the countrys weakening current account deficit and persistent inflationary pressure.

Indias uncomfortably high inflation coupled with supply constraints is impacting its growth, which slowed to 4.4 per cent in the quarter ended June, 2013, according to global credit rating agency Moody's.

The meeting is likely to be attended by CII president Kris Gopalakrishnan, ICICI Bank MD and CEO Chanda Kochhar, HDFC chairman Deepak Parekh, and Bharti group chairman Sunil Mittal besides several others.

Rating agency Icra has brought down its FY14 economic growth estimate by 0.40 percentage points to 5.4-5.6 per cent on weak economic data and recent rupee volatility.

The PMI index, which gauges business activity in Indian factories but not its utilities, has held above the watershed 50 level that divides growth from contraction for over four years.

Suffering from low growth and an investment drought, India needs foreign inflows to help fund a worryingly high current account deficit, while the RBI wants lower inflation to feel more comfortable about reducing interest rates that are among the highest of all the major economies.