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Indian economy shifted to higher growth trajectory

Jun '07
Finance Minister Shri P. Chidambaram expressed his happiness over the results of the GDP growth rate of 9.4% released by Central Statistical Organisation, here saying that the report confirm our belief that the Indian economy has shifted to a higher growth trajectory. Briefing the media persons, he said that because we have high growth, we can make bold to claim that we would do everything possible to make the growth inclusive.

Following is the text of the Finance Minister's statement made at the press conference:-

"The Central Statistical Organisation has released the Revised Estimates of Annual National Income and Gross Domestic Product for 2006-07. The GDP growth rate at constant prices has been put at 9.4 per cent. I may recall that in 2004-05 it was 7.5 per cent and in 2005-06 it was 9.0 per cent.

The CSO has also estimated the growth rate in per capita income at 8.4 per cent during 2006-07. In 2004-05 it was 5.7 per cent and in 2005-06 it was 7.4 per cent.

The rate of Gross Fixed Capital Formation (GFCF) in 2006-07 at current prices is estimated at 29.5 per cent against a corresponding rate of 28.1 per cent in the previous year, which represents an increase of 1.4 percentage points.

I have been advised that, it is possible to infer that the savings ratio and the investment ratio have also moved up sharply in 2006-07. It may be recalled that in 2005-06, savings as a proportion of GDP was 32.4 per cent and investment as a proportion of GDP was 33.8 per cent.

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