Kolkata: The Planning Commission deputy chairman, K C Pant, today (Jan 10, 2004) expressed confidence that the economy would be able to clock eight per cent gross domestic product (GDP) growth in the current financial year.

Speaking on the sidelines of the seventh India-UK Round Table in Kolkata today, Pant said, "Eight per cent is not a magic figure." He said all sectors of the economy were doing well, which was leading to a feeling of confidence.

Asked whether the recent slew of duty cuts announced by the Centre would affect growth prospects in the current financial year, Pant said, "I don't think so."

Pant said that in the first year of the 10th Five Year Plan, GDP growth rate was lower at 4.7 per cent due to bad monsoon.

"Let's see how the year ends and how close it comes to the target eight per cent growth," Pant said.

The panel had set a target of eight per cent growth in the first four years of the plan. However in the last year, the target had been raised to nine per cent.