India, second fastest growing economy: Pranab

New Delhi, Feb 16: Union External Affairs Minister Pranab Mukherjee said that despite the global financial crisis, which began in 2007 impacting most emerging market economies, 7.1 pc rate of the Gross Domestic Product (GDP) growth in the current year makes India the second fastest growing economy in the world.

The fallout of global slowdown on Indian economy were countered with fiscal stimulus packages announced in Dec 2008 and Jan 2009 providing tax relief to boost demand and increasing expenditure on public projects.

The Government has accorded approval to 37 infrastructure projects worth Rs. 70,000 crores from Aug 2008 to Jan 2009 alone.

This was stated by the Finance Minister in charge, Pranab, while presenting the Interim Budget 2009-2010 in the Lok Sabha on Monday, Feb 16.

He further said that under the Public Private Partnership (PPP) mode, 54 central sector infrastructure projects with a project cost of Rs. 67,700 crore were given in principle or final approval and 23 projects amounting to Rs. 27,900 crore approved for viability gap funding in 2008-09.

"A record $32.4 billion FDI received in 2007-08 and notwithstanding financial uncertainty and slow down, FDI inflows during April-Dec 2008 were $23.3 billion recording a growth of 45 per cent over the same period in 2007," he added.

ANI