The finance ministry on Tuesday said the economy may register a lower growth during the current financial year as against the earlier projections of 9 per cent given a fragile recovery of the global economy and a subdued industrial growth. However, it said India could clock 9-10 per cent growth in the medium- to long-term given its strong focus on inclusive growth and economic reforms. Recently at the G-20 forum, Finance Minister Pranab Mukherjee said that India is likely to grow by 8-8.2 per cent during the current fiscal while chief economic advisor Kaushik Basu has pegged the growth for the current fiscal at 7.5 per cent. However, Mukherjee has maintained that the economy will succeed in recording 8-9.5 per cent in the long run. According to a background statement prepared for the annual Economic Editors’ Conference (EEC) to be held here from Wednesday, the government said India managed a fast turnaround from the global economic crisis due to its strong fundamentals.
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