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`Growth outlook bright'

Our Bureau

New Delhi , Feb. 27

The Finance Minister, Mr P. Chidambaram, today said that the country's economic growth outlook was "quite bright", reflecting the views expressed on this count in the Economic Survey for 2005-06 tabled by him in Parliament.

"We are happy with the growth forecast (of 8.1 per cent for 2005-06). The outlook for growth is quite bright," he told newspersons.

He also said that according to the Economic Survey, there was a steady improvement in infrastructure and increase in plan expenditure, and capacity addition was taking place.

He also highlighted that current account deficit was an indicator of more investment in the country.

The Finance Minister, however, identified Government deficits, upward pressure on interest rates, and high global oil prices as "downside risks."

"We will meet the FRBM targets. We should not stray away from the path of fiscal prudence."

Stating that interest rates were hardening worldwide, Mr Chidambaram said that the government and the Central bank would ensure that the credit needs of the industry are met.

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