“Kalangathu Kanda Vinaikkan Thulangkathu
Thookkang Kadinthu Seyal”
(What clearly eye discerns as right, with steadfast will
And mind unslumbering, that should man fulfil)
- Saint Tiruvalluvar
THE ECONOMY AND THE CHALLENGES
Getting back to potential growth rate of 8 % is the challenge facing the
country.
Slowdown in Indian economy has to be seen in the context of slowing global
economic growth from 3.9 % in 2011 to 3.2 % in 2012.
However, no reason for gloom or pessimism. Of the large countries of the world
only China and Indonesia growing faster than India in 2012-13. In 2013-14, only
China projected to grow faster than India.
Between 2004 and 2008, and again in 2009-10 and 2010-11 the growth rate was
over 8 % and crossed 9 % in four of those six years.
11th Plan period had average growth rate of 8 percent, highest during any Plan
period, entirely under the UPA Government.
High growth rate can again be achieved through cooperation.
‘Higher growth leading to inclusive and sustainable development’ to be the
mool mantra.
Government believes in inclusive development with emphasis on improving
human development indicators specially of women, the scheduled castes, the
scheduled tribes, the minorities and some backward classes. This Budget to be a
testimony to that commitment.
