GDP growth may be below 7.7%: Pranab Mukherjee
Union finance minister Pranab Mukherjee, said in Kolkata on Sunday that country's GDP growth for the second quarter may be lower than 7.7%. Speaking at a conference on 'Global economic turmoil, Indian economy and role of Indian banking sector' organised by Assocham Mukherjee admitted that he did not expect the GDP growth rate to improve in this quarter with the worldwide financial crisis, although some improvement might be possible in the third.
He tried to lift the morale of the galaxy of top bankers and corporate honchos "The global financial crisis may have some adverse impact on the economy, but my appeal to you is don't indulge in any sort of despondency or frustration, The government is with you. Sometimes we have to move carefully, but we are cautious about the pitfalls". The finance minister made it clear, however, that the government would not hesitate to take tough decisions to correct fiscal parameters, if need be.