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

AI studies sun images to track bright solar regions

Artificial Intelligence has been used to trace the shift in magnetically active patches on the Sun from 1916 to 2007 by scanning 100 years of hand-drawn Sun records from the Kodaikanal Solar Observatory (KoSO). This could give a much longer view of how solar activity changes over time.  

General Dhiraj Seth takes over as Chief of Army Staff

General Dhiraj Seth, PVSM, UYSM, AVSM, took over as the 31st Chief of the Army Staff (COAS) from General Upendra Dwivedi, PVSM, AVSM, who superannuated after more than four decades of distinguished service to the nation on Tuesday.   General Dhiraj Seth is an alumnus of the N

The women India doesn`t count enough

She runs a tailoring shop from a single room in her house. Every morning she stitches school uniforms, answers queries on WhatsApp, collects payments through UPI and orders fabric online. Officially, she still belongs to India`s informal economy. Yet her enterprise is no longer disconnected from the formal

“Cancer is just a mind game”

Dr. Ananda Shankar Jayant, a Padma Shri awardee, inspired audiences for decades through her mastery of Bharatanatyam and Kuchipudi. But it was her journey through cancer that taught some of life`s most powerful lessons in courage and resilience.

Why Swami Vivekananda is the pathfinder for our times

Swami Vivekananda for Our Times  Edited and compiled by Rajiv Sikri, with Introduction by S. Gurumurthy Rupa Publications, 552 pages, Rs 695  

Five ways to realise the potential of India’s handicraft and handloom sector

India`s economic ambitions are increasingly defined by the industries of the future. Semiconductors, electronics, artificial intelligence and advanced manufacturing dominate policy conversations. Yet one of India`s largest employment-intensive sectors continues to occupy a surprisingly marginal place in ec





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter