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India's Finance Minister Pranab Mukherjee said that the priority for the economy was to tackle the inadequate monsoon, and that the impact of the global economic crisis on India was less now, reports PTI. He said that the country had a growth of 6.7% last year despite the crisis and was expecting a mixed result for this year.
He said that the government could not lower its guard on uncertainties due to the prevailing economic global crisis and said that indicators like industrial production in terms of business demand and investor-confidence had improved. He also expressed confidence of bringing the economy back to over 9% growth as soon as possible with the help of the economic reforms begun in the 1990s, provided there were no unanticipated hindrances.
Mukherjee said that the government was planning to borrow Rs.4-lakh crore from markets to fund the fiscal deficit that was required to offer stimulus measures. The government was in touch with RBI regarding the borrowing. The main objective of PSU divestment was to expand people participation in PSUs.
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