New Delhi, July 21 (Inditop.com) India’s economy is expected to grow at around 7 percent this fiscal, Minister of State for Finance Namo Narain Meena said in the Rajya Sabha Tuesday.
“As per the Economic Survey for 2008-09 and assuming the monsoon would be normal, India’s gross domestic product (GDP) is expected to grow at around 7 percent in the fiscal 2009-10,” Meena said.
The minister added that the government had taken several steps to ensure high growth rate.
“The steps initiated by the government for sustaining growth include short-term measures of fiscal stimulus packages by enhancing expenditure levels and duty reductions,” Meena said, adding that the budget for 2009-10 would stimulate investment in infrastructure and agriculture sectors.
“It would also provide assistance to exporters to help overcome short-term disadvantages.”
Referring to the performance of public sector banks, the minister said the gross non-performing assets of public lenders increased from Rs.39,749 crore (as on March 31 2008) to Rs.43,676 crore at the end of last fiscal.
