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Economy May Surpass $ 1 Trillion

Union Finance Minister P.Chidambaram said that India’s gross domestic Product (GDP) is likely to surpass $ 1 trillion (Rs. 44.35 lakh crore) next  year, making it the third Asian economy to go past the mark.

 

          “We are on a high-growth path. All indicators point towards another year of high growth” Chidambaram told a business conference. India’s GDP has nearly tripled since 1991 when Prime Minister Manmohan Singh, then Finance Minister, Introduced Free-Market measures that cut red tape, removed state enforced capacity caps on steel and c ement makers, and allowed overseas companies to set up operations locally.

 

          GDP is estimated at $922 billion in the year ending 31 March the Central Statistical Organisation said. The estimate is based on current market prices.

 

          “India is witnessing the biggest boom period”, Chidambaram said. “Investment is buoyant and robust, savings are rising”, he added. Growth, boosted by the fastest increase in bank loans in more than three decades and higher salaries, is stoking demand for products ranging from cellphones and cars to houses stretching the capacity of Maruti udyog Ltd. And others.

 

          Chidambaram announced in his Budget speech that the government spending on infrastructure including ports power generation and roads will be raised by 40% to Rs. 1.34 lakh crore in the year starting 1 April. Better infrastructure may see more companies follow Nissan Motor Co. and Renault SA, Which are investing in factories in India.

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