FM Calls for High Inclusive Growth to Generate more Jobs, Wealth and Easy availability and Accessibility of Food for Common Man

FM Asks Industry Chambers to Impress Upon Policy Makers of their respective Regions to have early convergence of views on GST

Union Finance Minister, Shri Pranab Mukherjee has said that as per the ongoing trend of monsoon, we will be able to achieve growth rate of 8.5% during the current year 2010-11. He said that by the year 2011-12, our target is to achieve the growth rate of 9%. Shri Mukherjee said that mere growth will not suffice unless it is all inclusive. Therefore, his Government is focusing on all inclusive growth which will generate more employment opportunities more wealth, easy accessibility and availability of food and other items for common man.

Shri Mukherjee was addressing the 69th Annual General Meeting of South Gujarat Chamber of Commerce and Industry in Surat today. On this occasion, Dr. Tushar Choudhary, Union Minister of State for Tribal Affairs, Shri Anil Naik, CMD of Larsen &Toubro Group of industries were also present among others.

The Finance Minister said that we could have perhaps crossed double digit barrier of growth had international financial crisis not struck in 2008-09.

Shri Mukherjee said that foreign direct investment in the country has increased to US $ 20.9 billion at the end of 2009-10. The Finance Minister said that the exports have also shown upward trend and there is an increase in exports from October 2009 onward. He added that exports have increased 54%, during this period (October 2009-March 2010) and imports by 67%. He said that India has been the big destination for foreign investors as Indian economy is the fastest growing economy after China.

The Finance Minister said that we have a large young population but we need 50 million skilled manpower to meet the requirement of industry and other factors.

Direct Tax Code commencement affirmed; calls for GST convergence and inclusive growth to boost jobs and investment. Announcement confirms commencement of the Direct Tax Code as scheduled effective 1st April 2011 and urges industry chambers to press for early convergence on Goods and Services Tax. The Finance Minister emphasised inclusive growth to generate employment and wealth, noted rising foreign direct investment and export trends, and highlighted the need for expanded skilled manpower to meet industry demand.