Finance Minister Pranab Mukherjee on Monday exuded confidence that the economy would soon revert to 9 per cent growth, witnessed in the pre-crisis period, even as industrial growth plunged to a 16 month-low of 4.4 per cent in September.The finance minister said the challenge now is to find the means to cross the double-digit growth barrier in the coming year or two.
"In the short term, it is reasonable to expect that the economy will go back to the robust growth path of around 9 per cent average that it was on before the global crisis slowed (it) down in 2008," Mukherjee said at the India Economic Summit.
Although manufacturing growth has slowed down in the past couple of months, the finance minister said the sector has been performing strongly.
"Finally, the manufacturing sector has been showing buoyancy reminiscent of the pre-slowdown
year, though some concerns on its growth momentum have emerged in the last month or two," Mukherjee said.
For the second consecutive month this fiscal, industry performed poorly in September.
Its growth plummeted to 4.4 per cent September after 6.92 per cent in the previous month.
Manufacturing sector, comprising almost 80 per cent of Index of Industrial Production, grew at slower rate of 4.5 per cent in September, against 8.3 per cent a year ago.
