Pranab Mukherjee: Indian Economy to grow by 9 percent in 2011-12

New Delhi, Sep 16 (Calcutta Tube) The Indian economy is estimated to grow by 8.5 percent this fiscal and 9 percent in 2011-12, Finance Minister Pranab Mukherjee said Thursday.

‘We have not revised our projections of achieving the growth rate of 8.5 percent despite achieving the growth of 8.8 percent in the first quarter of the current financial year,’ Mukherjee said at the platinum jubilee celebration of Bank of Maharashtra.

He said that with the growth back on high trajectory, the government was trying to make it more inclusive so that the benefits also reached the poor in the country.

The minister asked banks to increase their presence in rural areas so that more people could be brought under the banking net.

‘Unfortunately, only 37.2 percent of the total bank branches of Scheduled Commercial Banks are in rural areas and only approximately 40 percent of the population has bank accounts,’ he said.

Mukherjee added that even in areas well covered by banks, there were sections of urban society excluded from the banking system.

The government targets to provide financial and banking services to all areas having more than 2,000 people by 2012.

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