Agra: India's economic growth is expected to decline to 5.5 percent in the financial year ending March 31, sharply down from an average nearly eight percent growth registered in the last 10 years, Vice President Hamid Ansari said Sunday.
Addressing the partnership summit here, he said the adverse global economic situation has affected India's economic growth in the past few years.
"Even though we could not maintain the robust pace of 7.8 percent average annual GDP growth of the decade from 2002-03 to 2011-12, we did recorded GDP growth of 5.3 percent in the July-September quarter of 2012-13 and are expecting to end the current fiscal year at 5.5 to 5.6 percent," Ansari said.
India's gross domestic product (GDP) growth has slumped to an average 5.4 percent in the first half of the current financial year, sharply down from the 6.5 percent growth recorded in 2011-12.
Inaugurating the 19th edition of the partnership summit organised here by the Confederation of Indian Industry (CII) in association with the federal ministry of commerce and industry and Uttar Pradesh government, Ansari said the recent economic reform measures taken by the government would help revive economic growth.
"The government has addressed the issues of fiscal deficit, high inflation, negative trade balance with the world and flagging exports with a slew of measures," he said.
"Notable amongst these are seminal indirect and direct tax reforms, FDI liberalization in retail and aviation, disinvestment in PSUs, and the establishment of a cabinet committee on investments headed by the prime minister for faster clearance of infrastructure projects, all of which are aimed at reviving economic growth," he added.
The vice president said coordination among major economies would redefine the contours of the global economy in the coming years.
He emphasized on the need for greater cooperation among the G20 countries that account for two-thirds of the world's population, 90 percent of the world GDP and 80 percent of the world trade.
"Global market place will change with the formation of new trading blocks and enlarged markets and companies must gear themselves up to meet the new requirements. While doing so, they must be mindful of the need to balance growth with sustainability," he said.