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Planning Commission deputy chairman Montek Singh Ahluwalia said that India's GDP might worsen in the current quarter and next quarter due to drought, reported the media. However, he said in a plan panel meeting that a strong turnaround is expected in the last quarter of current fiscal and sees a growth of 6.3% for this fiscal.
According to plan panel's presentation, India will grow 8% in 2010-11 and 9% in 2011-12. It added that these projections are optimistic, but not impossible. It also said that with a normal monsoon in the next fiscal the agricultural sector would rebound. The plan panel presentation meeting was attended by Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee, Agricultural Minister Sharad Pawar, Power Minister Sushilkumar Shinde and other policymakers.
The Prime Minister stressed on the need for the country to grow significantly in the energy sector as it is vital for our economy. He said that the country imports 70% of its petroleum energy needs.
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