FM says 8.2% growth not disappointing

The 8.2 per cent growth projection for the Indian economy in FY'12 is not "disappointing", in light of the uncertainty in major economies the world-over, Finance Minister Pranab Mukherjee said in New Delhi on Tuesday.

"In the overall global scenario, when European recovery is fragile and US recovery is uncertain, I don't think that 8.2 per cent (projected growth) is disappointing," he told reporters.

The Prime Minister's Economic Advisory Council on Monday lowered the country's GDP growth projection for the current fiscal to 8.2 per cent from 9 per cent earlier, citing the uncertain global outlook, high domestic inflation and subdued industrial performance.

The Finance Minister, however, noted: "There are certain aspects which are also positive," like impressive export growth and a reduction in India's current account deficit.

The robust growth in exports indicates that Indian merchandise has found a diversified global market, he added.

During the April-June quarter, exports grew by 45.7 per cent to $79 billion.