No Need To Panic

New Delhi, July 30 | Updated: Jul 31 2004, 07:09am hrs
Finance ministry said on Friday there was no cause for panic due to scanty rains in many parts of the country and it was too early to call it a drought, but expressed fear that delay in monsoons was sure to affect agricultural productivity.

Finance secretary DC Gupta said in an interview to PTI that the economy was resilient enough to overcome any setback to the farm sector, while exuding confidence that performance of industry and services sectors was sure to keep the growth momentum.

We dont see any reason to change growth forecast. In the beginning of the year it was pegged at 6.4-7.3 per cent, he said adding that the same was also projected in the Budget.