Updated on Friday, May 08, 2009, 00:00 IST

Mumbai, May 08: Exuding confidence that India would continue its high-growth trajectory, Planning Commission member, Kirit Parikh, on Friday said the country will clock at least 7-7.5 per cent GDP growth in the current fiscal.

"I think the worse is over. We are seeing a turnaround and will get 7-7.5 per cent growth in 2009-10 with some sensible measures, which I think any Government which comes, will take in stimulating the economy," Parikh told reporters on the sidelines of a conference here.

Parikh said that there are signs of significant revival all-around including in the investment climate.

He, however, said that the economic slowdown has made it difficult for power firms to achieve financial closure for Ultra Mega Power Projects (UMPPs) that India is investing heavily into.

"It is difficult to achieve financial closure in the current scenario of a meltdown. Some slowdown may happen. But we have not counted the UMPPs in the 78,000 MW target for the Eleventh Five Year Plan. The first plant commissioning for 500-600 MW was expected only towards the end of the Plan," Parikh said.

Emphasising the need to push investment in infrastructure projects, Parikh said India has 25,000-30,000 kilometres of secondary roads in a terrible state and in need of dire upgradation.

"Steel demand has increased. Cement demand has slackened and that is where I think the third stimulus package will push infrastructure development in a big way," he said.

Bureau Report