New Delhi: Stressing on the need of foreign direct investment (FDI) in retail, Finance Minister Pranab Mukherjee on Friday said only reforms can boost to falling growth rate.
Confirming a slowdown, Mukherjee said economic growth will moderate to about 7.5 per cent in the current fiscal, lower than the earlier projection of 9 per cent.
"India will end the year with 7.5 per cent growth. There's no magic pill but reform will provide the impetus," said Pranab Mukherjee at the HT Leadership Summit in New Delhi on Friday.
"Need new mechanism to incentivise state governments to fill local policy gaps in agricultural growth," said the Finance Minister.
"Growth has to be inclusive and pursued vigorously," Mukherjee said.
"We can not expect we can reach a high growth rate of 9 per cent overnight. We will have to live with relatively moderate growth this year. Next year, we will try to improve the growth rate higher. This year, growth could be 1 per cent down. We should focus on the strategy of domestic demand-driven growth," he said.
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