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

“Indians, yet treated like outsiders”

Moving to Delhi-NCR for education can be an exciting experience for students from Northeast India. It gives us a chance to meet new people, experience a different culture and become more independent. But living away from home also comes with challenges that people who have not experienced them may not al

Import duty on major edible oils cut

The government has reduced the Basic Customs Duty (BCD) on major imported crude edible oils with a view to moderating domestic edible oil prices, providing relief to consumers and mitigating inflationary pressures arising from the sharp increase in international edible oil prices.  

From pyramid to platform: BRICS agenda for Global South

In his opening address at the 18th BRICS Summit in New Delhi on September 12, prime minister Narendra Modi did something India`s diplomacy has been building towards for three years: he moved the ‘Voice of the Global South’ from a slogan to a work plan. Addressing the leaders, he argued that t

How to realise the full transformative potential of PM-JAY

The Pradhan Mantri Jan Arogya Yojana (PM-JAY), a welfare scheme which covers approximately 45 crore beneficiaries across India, provides cashless health cover of Rs. 5 lakh per family per year. It is the largest health insurance scheme which helped crores of poor families by reducing out-of-pocket expend

The missing men in India`s family planning story

Every pregnancy requires two people. Yet India`s family planning programme continues to ask only one of them to bear almost all of its medical consequences. The newly released National Family Health Survey-6 (2023-24) confirms just how entrenched this asymmetry remains: 36.5% of currently married women a

`Development must be judged beyond GDP, with rights and justice at core`

Delivering the IXth Chief Justice M.C. Chagla Memorial Lecture on ‘Human Rights and Sustainable Development Goals’, in Mumbai Friday,  former Chief Justice of India Bhushan R. Gavai questioned whether conventional economic indicators such as gross domestic product (GDP), national income,

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter