Manila: Amid perception of policy paralysis in the government, Finance Minister Pranab Mukherjee on Friday assured the global financial community of reverting the Indian economy to recovery path by creating conditions for revival of private investment.
    
"For the current fiscal year, we have set our objective to focus on recovering our pre-crisis growth momentum, create conditions for rapid revival of high growth in private investment and address supply bottlenecks in agriculture, energy and transport sectors," he said at the ADB Governor’s business session here.
    
The Finance Minister said despite adverse international environment, India managed to maintain GDP growth rate of about 7 percent in 2011-12.
    
"I am confident that the strong fundamentals of our economy will help us return to a sustained growth path of 8 to 10 percent per annum in the coming years," Mukherjee added.
    
Indian economy was expanding at over 9 percent before the global crisis of 2008 pulled down the growth rate to 6.7 percent in 2008-09.
    
He exuded confidence about rapid revival of growth in the private investment at a time when the government is facing charges of paralysis in policy making, and criticism over the proposed changes to tax laws with retrospective effect to bring in net Vodafone-Hutchison like deals that involve assets in India.
    
He further said India's banking has remained robust and the regulatory environment and environment in the financial sector have stood test of time.

(Agencies)

 

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