FM not revising down growth target for FY'10

New Delhi, Sep 7 (PTI) India Monday said it would stick
to its target of economic growth of over six per cent this
fiscal, even as erratic monsoon and drought in many parts
of the country would slow down the economic expansion in the
next six months.

"There is no reason to revise my target which I am
expecting 6 per cent plus. Whether it will be 6.5 per cent or
6.7 per cent, whether I will be able to retain last year's
(economic growth rate), I do not know. There may be some
deceleration in second and third quarters ... but the fourth
quarter will make up," India Finance Minister Pranab Mukherjee
said in his opening remarks at the Forum of Financial Writers.

The economy grew by 6.1 per cent in the first quarter of
this fiscal, the fastest pace since the global financial
crisis deepened in the middle of September last year.

"But, I am little doubtful whether we would be able to
maintain the same rate in the second quarter and the third
quarter. Agriculture growth in the second quarter and the
third quarter will be little less," Mukherjee said.

The Reserve Bank has already projected the economy to
grow by six per cent this fiscal with "upward bias" and the
Government stood by that estimates.

The Planning Commission had also said that the growth may
fall in the next two quarters, but it would rebound in the
fourth quarter to make economy clock 6.3 per cent growth in
the entire fiscal. (MORE) PTI