6% growth just not enough given India's poverty level: Subbarao

The Reserve Bank of India (RBI) governor D Subbarao on Saturday said it will announce its economic growth estimates for the current financial year (2013-14) on May 3, when it announces its annual monetary policy.

Speaking at an event organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Subbarao said, "Various investment banks and think tanks have projected the growth numbers for this year at slightly higher than last year's growth rate of five per cent. Many international governors have told me that India's growth rate would be about six per cent this year. We have not yet made our projections. We will announce them on May 3."

Expressing concern over projected growth number, he said even six per cent growth was not sufficient and the country should aspire for higher numbers at eight -nine per cent or even a double-digit growth, "though it was not possible to achieve it next year".

"For a country, which by whatever estimates, has at least 300 million people below poverty line, a six per cent growth is just not enough," he added.

"India growth story is intact. But India growth story is not inevitable. If we don't do right things in the right time, we will squander an opportunity. It is very important we think through all the short term and medium term challenges so that we exploit the potential of this country," Subbarao quoted.

Read more about: rbi
Story first published: Monday, April 8, 2013, 9:30 [IST]
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