New Delhi, Nov 30 (IBNS) Union Finance Minister Pranab Mukherjee on Tuesday said the Indian economy is growing at 8.5-9% per annum. 

 

“India has experienced a fairly long period of rapid economic growth and the economy has also evolved considerably. Since about 2003-04, there has been a further step-up in India’s GDP (Gross Domestic Product) growth rate with the economy moving to a higher trend growth path of 8.5 to 9 per cent per annum,” said Mukherjee.

 

“More importantly, the economy has become remarkably resilient to both external and domestic shocks. It not only recovered rapidly from the global economic downturn, but also took the monsoon failure last year in its stride and is now showing robust growth,” he said.

 

Mukherjee was speaking after inaugurating the two-day international conference on ‘Economic Policies for Inclusive Development’ here on Tuesday.

 

The Finance Minister said that the emerging economies, though faced with brighter growth prospects, are confronting financial instability caused by international capital flows.

 

Mukherjee said that in advanced economies there is a need to maintain the policy focus on recovery and management of public debt while the emerging economies, on the other hand, need to leverage their growth to improve social outcomes and at the same time monitor the financial sector.