New Delhi, Nov 20 (UNI) Finance Minister P Chidambaram today described the second quarter GDP growth of 7.6 per cent this fiscal as 'satisfactory', reiterating that the economy will be able to clock seven to eight per cent growth this fiscal.
''We had anticipated this level of growth of second quarter. It is a healthy growth having regard to the global slowdown'', Mr Chidambaram told reporters here.
The Finance Minister said the growth rate for the first half of the year works out to 7.8 per cent.
Mr Chidambaram said the government was planning to boost production and address bottlenecks in the economy.
''Manufacturing has indeed slowed down. We are, therefore, looking at the issue sectorally -- sectors such as textiles, automobiles and gems and jewellery.'' ''In the next few days, we will be able to address their problems,'' Mr Chidambaram said, but did not elaborate as to what steps the government intends to take.
The Finance Minister said some of the services sectors are likely to show robust growth in the second half of the year.
He said among the services sectors that may be impacted by the global and domestic slowdown include hotels, real estate and financial services.
Talking about the Sixth Pay Commission Report recommendations, Mr Chidambaram said the government staff salary increase will come into effect from October and this will be captured in the second half of the year.
''Our endeavour will be to ensure that growth in the second half is healthy so that we can ensure 7 to 8 per cent growth for the year'', he said.
UNI GS MP BD1940