Economy On Way To 9% Growth

Hyderabad: The overall economic situation continuous buoyant despite some sectors in the economy showing weakness in terms of growth, according to Dr C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister. Dr Rangarajan said, Contrary to the concerns of overheating, some concerns have been uttered about the possible slowdown. The rupee appreciation has its impact on exports and domestic production. Nevertheless, we should be able to get 8.5 per cent to 9 per cent growth this year. Observing that some macro-economic parameters were in the right direction to sustain high growth over the medium term, the former governor of RBI said that the XI Plan projection for the gross domestic saving rate of 32.3 per cent had already been reached. The inflation rate was running nearly one per cent above the 5.5 per cent and trade deficit has widened. But these signs have (now) abated.