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Economy to grow at 8 pc plus "We would continue to achieve appreciable growth despite negative sentiments across the world," the Minister said while addressing a conference organised by the CII on the theme 'Two Decades of Reforms: The Way Forward'. The conference was attended by the leading industrialists of the country, policy makers and top brass of the government. He mentioned about these weak sentiments in the developed nations were affecting India's markets. The Finance Minister said, "We witnessed some recovery already and this is testimony for our capacity for resilience". Mr Mukherjee, however, said India's growth story was intact and the fundamentals are strong. The Finance Minister said that as global investors look for opportunities across the world, India’s attraction as an investment destination would continue to grow. Talking about inflation, the Finance Minister said inflationary pressures persist both from higher global commodity prices and domestic structural demand-supply imbalances in several commodities. The management of inflationary pressures in the medium term is critically dependent on an improvement in the supply response of agriculture to the expanding domestic demand and in the short-term by taking steps to moderate aggregate demand. Mr Mukherjee said the monetary policy has been gradually tightened, at the same time new initiatives were announced in the Union Budget to address some of the bottlenecks in the food supply chain that were the reason for the inflationary spikes in past years. The monetary measure may end up moderating the growth rate, if they persist for an extended period of time. The Finance Minister said, "He was hopeful that we should together be able to repeat the growth performance of 2010-11 in the current year as well." Mr Mukherjee said the agriculture diversification has added to its resilience in the face of uneven and sometimes delayed monsoons. The agriculture year 2010-11 has seen production record a new high, he added. Mr Mukherjee said that the food grain production at 242 million tonnes has grown by 11 per cent over last year’s production. The Finance Minister said that the country was getting close to self-sufficiency in pulses with record production of over 18 million tonnes. Meanwhile, Mr Mukherjee categorically said there are no proposals for introducing dual pricing for diesel or increase in duties for bridging any perceived shortfalls in tax revenues. The Finance Minister said that rise in the share of private investment in domestic demand helped in improving economic efficiency and productivity. Mr Mukherjee said while the momentum in consumption has been sustained as the economy has recovered from the slowdown in 2008-09, the recovery in private investment growth has been held back. The Finance Minister said, "It is a matter of concern and we must together do what is required to improve business sentiments to restore the investment growth seen in the years before the global crisis." Mr Mukherjee said education with special thrust on skill formation, health and sanitation are core areas that should receive urgent attention. COMPAQ Presario V6214AU CD DVD Drive COMPAQ Presario V6214TU CD DVD Drive COMPAQ Presario V6215AU CD DVD Drive COMPAQ Presario V6215BR CD DVD Drive COMPAQ Presario V6215CA CD DVD Drive COMPAQ Presario V6215TU CD DVD Drive COMPAQ Presario V6216CA CD DVD Drive COMPAQ Presario V6216EA CD DVD Drive COMPAQ Presario V6216TU CD DVD Drive COMPAQ Presario V6217EA CD DVD Drive "We need to bridge the human resource deficit that could prevent us from harnessing the demographic dividend and sustain high growth. Policy and regulatory framework is being put in place for the higher education system to develop the required intellectual capital for growth and development," he said. Mr Mukherjee said India needs to invest an additional 3-4 per cent of GDP on infrastructure to sustain current levels of growth, or higher, over the next couple of decades. Development of quality infrastructure and ensuring its broad-based, regional and rural-urban balance is central to sustaining high growth. Areas like power and energy, ports and airports, water resources, rural connectivity and urban infrastructure are in need of resources and managerial best-practices. The Government has laid emphasis on Public Private Partnerships (PPPs) which combine the efficiency and technological prowess of the private sector, with the public welfare orientation of Government. "We have established unique and innovative financing support such as the scheme to support Viability Gap Funding for PPP projects", he said. He said the enabling framework for Infrastructure Debt Funds to effectively meet the long-term debt requirements of the infrastructure sector has been finalised. Mr Mukherjee said issues like land acquisition, environment clearance and resettlement and rehabilitation have to be addressed satisfactorily, with a view to de-risking development and meeting environmental concerns. He said the new land acquisition bill is in the public domain and is likely to be introduced in Parliament shortly. Mr Mukherjee said a committee constituted by the Group of Ministers (GoM) to consider all issues relating to reconciliation of environmental concerns emanating from various development activities related to infrastructure and mining and to examine the efficacy and legality of existing forest clearance norms and procedures being followed, has just finalised its report which will be considered in the next few days. The Finance Minister said the B K Chaturvedi Committee related to Coal sector, Vinod Dhall committee on Public Procurement Standards and Public Procurement Policy and Ashok Chawla Committee on Allocation and Pricing of Natural Resources are also in the process of being taken-up for consideration by the GoM. The Minister said, "We have to deepen the policy reforms in the financial sector and address gaps in the overall economic regulatory architecture." The Government has outlined a significant legislative agenda for the financial sector which "we hope to purse in the coming days in the ongoing Parliament session." The Financial Sector Legislative Reforms Commission that has been constituted is working towards the harmonization of the existing laws, regulations and rules. Mr Mukherjee said, "We need to have the necessary head-room and policy flexibility to address challenges emanating from global markets." In the post-global crisis context, India has already begun the process of fiscal consolidation and succeeded in reducing the fiscal deficit to 4.7 per cent in 2010-11. He said that the government was committed to the fiscal balance targeted for the current financial year end. The State Governments also need to work towards fiscal sustainability for meeting their development goals in the medium term, he said.