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Speed up infrastructure development to boost growth: Ahluwalia

New Delhi, Wed, 11 Jan 2012 ANI

New Delhi, Jan 11 (ANI): Deputy Chairperson of Planning Commission Montek Singh Ahluwalia has stressed the need for accelerating infrastructure development in the country to boost growth.


Speaking on the sidelines of an event here, Ahluwalia said that the large projects which are stuck at the moment needed to be revived again rather than giving fiscal stimulus.


"There are many large projects particularly in energy and infrastructure that are stuck. I think we should try and get them unstuck. Take care of the problems, which are holding them up and if it is perceived that it is moving, that will be the biggest stimulus to the economy. Keeping all these things stuck and giving a fiscal stimulus is not in my view the right thing to do," he added.


The government, he added, was trying to recognise key investment limitations to improve economic growth.


Commenting on the monetary policy, Ahluwalia said lower interest rates were possible only when the fiscal deficit would be in a comfort zone.


He further said that whenever the economy decelerated temporarily, fiscal deficit has shot up sharply.


"I don't think the fact that the deficit is high should surprise us because around the world, deficits are higher than they were thought to be. That is because growth is slower and revenues are lower. So whenever an economy goes on a little bit of a downturn, the deficit goes up a little bit. I think what we have to look at is in the future what is our programme for bringing the deficit under control. We will outline that in the budget," added Ahluwalia.(ANI)


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