India headed towards double-digit: President

PTI: Mumbai: Upbeat on the Indian economy and its growth trajectory, President Pratibha Devisingh Patil today said the country’s GDP was headed towards a double-digit growth next fiscal.

“This fiscal year, we are confident that our nation’s economy will grow at about nine per cent. Next year, we should be on a sustained growth path of 9-10 per cent,” Patil said at a function to kick-off public sector Central Bank of India’s centenary year celebrations here.

According to Government data, the Indian economy grew by an average of 8.9 per cent during the first-half of the current fiscal or the April-September period.

This has led many, including the Finance Ministry and rating agencies, to upwardly revise their growth estimates for the year (FY 11).

Patil said post-financial crisis, India’s economic recovery was quicker because of its ability to cope with external disturbances, in spite of being well-integrated with the global economy.

Banks will have to play a pivotal role in the growth story and the first priority for lenders should be to strengthen themselves to support a vibrant and inclusive economy, the President said.