The Reserve Bank of India said the country is unlikely to return to a high growth rate till the global economy comes out of the recessionary phase, but maintained GDP rate of 6% is on course.
Ms Usha Thorat RBI deputy governor at a seminar said that "The economy is unlikely to revert back to trend growth soon, as recession in the advanced economies would persist with global growth projected to contract by 1.4% by the IMF with a more sizeable fall in world trade by 12%.”
She added that "The Indian economy is expected to grow by 6% as per the latest assessment made by the RBI. GDP growth in the first quarter of 2009-10 is broadly consistent with that.”
She said that the global economic crisis has lowered India's growth rate from 9% in 2007-08 to 6.7% in 2008-09, mainly due to falling exports and shrinking foreign liquidity.
Ms Thorat said that "The current focus is to bring back the economy to the high growth path as a key means to ensure higher living standard for all.”
RBI in its monetary policy forecasts the economy would grow at 6% with an upward bias this fiscal, a rate that's in tandem with the Prime Minister's Economic Advisory Council chairman Mr C Rangarajan's projection of 6% to 6.5%.
(Sourced from http://www.steelguru.com/news/index/2009/09/14/MTExNTgz/Macroeconomic_indicators_-_India_on_course_to_6pct_growth.html)
Sunday, September 13, 2009
Macroeconomic indicators - India on course to 6pct growth
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