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GDP to touch 10 per cent this fiscal: FM

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Arrow GDP to touch 10 per cent this fiscal: FM - June 18th, 2007

Union Finance Minister P Chidambaram expressed confidence that GDP growth will touch 10 per cent in the current fiscal.
"With efforts put in by entrepreneurs, industrialists and all other sections of the society, the country achieved 7.5 per cent growth in the first year of the UPA rule followed by 9 per cent the next year and 9.4 per cent in the just concluded financial year and I am confident that GDP growth would touch the 10 per cent mark this fiscal," Chidambaram said.

Speaking after inaugurating a plant for manufacturing defence-oriented products near Coimbatore, the Finance Minister said the government's confidence in the reforms was the main reason for the growth.

While lauding private manufacturer Saarc Tech Tool for taking up the challenge of making packaging system for defence and war equipment, Chidambaram said it was really regrettable that the country had to import coffins at a cost of Rs 1.10 lakh per box to bring back the bodies of soldiers who died in the Kargil war.

The plant, built at a cost of Rs 9 crore, would manufacture defence-oriented products like roto moulded transit cases (boxes), which could be used by defence forces for carrying sophisticated defence equipment. The plant has a capacity to manufacture 60,000 boxes annually, the company Managing Director P Murugesh said.

The company aims to achieve a turnover of Rs 100 crore in the next five years, Murugesh said.


http://www.financialexpress.com/late...tent_id=167336
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