Finance Minister Pranab Mukherjee today said that the uncertain global economic situation will impact India’s growth in the current fiscal. The growth may be lower than the earlier estimation of 9 per cent but “it will still be a reason for celebrations”, he said. “Most observers are expecting India’s growth to go down to below 8 per cent. This is disappointing but at the same time we must not lose perspective of the global situation...” Mukherjee said while addressing the economic editors’ conference here. “A number of policy measures are being taken and the long-run indicators look robust ... In this climate, even if India’s growth rate this year goes down to below our earlier expectation, we will still be among the 10 or so fastest growing nations in the world,” he said. The economy recorded a growth of 7.7 per cent during April-June, 2011-12 — the lowest in 18 months. “Let me not hide the fact that I have been disappointed by growth performance over the last few months. It is evident that India’s growth rate in 2011-12 will be less than what we were expecting in February when I presented the Budget,” he said.
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