India to see 8% growth this fiscal despite Q1 slowdown: Pranab

Finance Minister Pranab Mukherjee on Thursday expressed confidence that India will be able to achieve 8 per cent growth this year, even as he noted that the global economic environment remains an area of concern."We will have 8 per cent growth even this year, though the first quarter growth figure is 7.7 per cent," he told reportersin New Yorkafter meeting leading Indian industrialists at an investment forum.>He said a good monsoon could ensure agricultural growth of about "4 per cent-plus" and growth in the manufacturing and service sector "clearly indicates that it will be possible for us to have the growth at around 8 per cent for this year".
Mukherjee said India has projected 9 per cent growth for the 12th Five-Year Plan (2012-17) and the country is taking necessary steps to ensure that the momentum continues. On the outlook for the rupee, he said the Reserve Bank of India is "watching the situation".;"The RBI Governor has made it quite clear that as and when the situation warrants, the RBI will intervene-But-Sensex at the Bombay Stock Exchange posted its biggest single-day loss in over 26 months, plunging 704 points, or 4.1 percent, to 16,361, today. The Sensex had lost 232 points at the day's high and fallen 749 points at the day's low. .