GDP data disappointing, need to work hard: Pranab

New Delhi, Aug 30 (PTI) The Indian government on Tuesday
expressed disappointment over the slowdown in the country's
GDP growth rate and said hard work is needed by all sections,
including industry and farmers, to ensure inclusive growth,
keeping in mind uncertainty over the global economy and
monsoon.
"... It is no doubt disappointing," Indian 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.
He said there was no room for complacency and everyone,
including the government, industry and farming community, will
have work hard.
"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,
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." Mukherjee said he was expecting a higher growth rate in
the first quarter, but given various factors -- including the
overall international scenario and the muted recovery in
Europe and the US -- the situation in India is "not that much
disappointing".
He hoped that the GDP growth rate would recover by the
end of the fiscal, but refused to project any figure.
"When the final figures for year will be available, there
may be a recovery... Of course (I am) not going to just now
make any projections what would be the final figures for the
year," he said.
Referring to the growth in employment opportunities,
Mukherjee said those "propagating" the view that this was
jobless growth are wrong.
"... is not absolutely correct. They are wrong," he said.
However, at the same time, the Finance Minister said
there should be more growth in employment generation.
While the Gross Domestic Product (GDP) growth figure is
disappointing, 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.