Govt to revise growth forecast next week

The new growth projection will be released on December 7

trithesh

Trithesh Nandan | December 2, 2010



The government is going to revise its estimation of economic growth next week, egged by a strong performance in the first two quarters of FY'10.

“We had earlier given projection of 8.5 percent. We will revise it. We are in middle of calculation. It is very likely that it will be revised upwardly,” chief economic adviser to the finance ministry, Kaushik Basu said in New Delhi on Thursday.

However, Basu avoided mentioning a probable figure, saying, “I can’t give you the number right now. There are people working on it. Government will give its projection on December 7.”

But as has been hinted by the chief economic adviser, it is likely that the revised estimate will peg the Indian economy to grow at 9 percent in the current fiscal. “It is not impossible any more. We are very close to that,” Basu told reporters.

If the growth is projected at 9 percent, it will be closer to what International Monetary Fund (IMF) predicted in October this year in a revised estimation. “The International Monetary Fund has revised its growth forecast for India in FY '10, raising it to 9.7 percent from the July figure of 9.5 pc,” the IMF had said in October.

“We in the ministry of finance always had disagreed with them on this point, because the IMF projected higher growth then us, but now we are in position to revise it,” Basu said.

In fact, in September, Manila-based Asian Development Bank (ADB) had also revised India’s growth at 8.5 percent for FY’10 but cautioned that high inflation could undermine the strong growth.

But Basu is expecting inflation to ease further. It is due for release on December 14.

Comments

 

Other News

Capital acquisition proposals worth Rs 1.10 lakh crore for defence forces cleared

The Defence Acquisition Council (DAC), under the chairmanship of Raksha Mantri Rajnath Singh, on Monday accorded Acceptance of Necessity (AoN), that is, in-principle administrative approval to various acquisition proposals of the defence forces at an estimated cost of about Rs 1,10,000 crore.

How Rafi, Raj Kapoor helped pave the way for a great uranium deal

There`s a certain moment in diplomacy that`s too personal to be captured in a communiqué, too small to make the front page, but more revealing than the front page. This week, prime minister Narendra Modi reached Tashkent and, amid the pomp of state visits, managed to evoke the old Bollywood tunes

Distinguishing Fish 1 and Fish 2: The pragmatism behind India’s WTO ratification

 India became the 123rd WTO member to ratify the multilateral Agreement on Fisheries subsidies (AoFS) when it deposited the Instrument of Acceptance for Phase 1 on July 20, 2026. The ratification is restricted to disciplining Illegal, Unreported and Unregulated fishing (IUU), protection for overfished

The 7% growth problem: Why the next 7% will be harder

India has become accustomed to hearing the 7% growth number. It is now less a milestone than an expectation. Yet the paradox is becoming clearer: maintaining 7% growth may be considerably harder than achieving it once. India’s real GDP grew 7.7% in FY2025–26, following growth of 6.5% in FY202

The Constitution cannot be altered: Justice Abhay Oka

Justice Abhay Oka, who retired from the Supreme Court in May 2025, has said that the Constitution of India cannot be altered. Explaining the landmark Kesavananda Bharati judgment (1973) on the basic structure of the Constitution, he said, “This is one judgment that has saved democracy in India.&rdq

How the flora and fauna evolved in the Indian subcontinent

Mammals of India  By A.J.T. Johnsingh and P.O. Nameer HarperCollins India in association with Bombay Natural History Society  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter