Investing for growth

The disquieting part of the advance estimates of national income for 2011-12, released by the Central Statistics Office on Tuesday, is not really about growth slowing down. True, the fact that GDP growth is expected to decline to 6.9 per cent this fiscal — as against initial projections of 8 per cent and the 8.4 per cent levels achieved both in 2009-10 and 2010-11 — is not good news. Nor indeed is it comforting to note that 6.9 per cent is a shade better than the 6.7 per cent growth recorded in the global economic crisis year of 2008-09.

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