RBI-sponsored survey lowers growth forecast to 7.9 %
13 Aug 2011
A Reserve Bank of India-sponsored survey has lowered the growth projection for the current fiscal to 7.9 per cent, down from 8.2 per cent estimated earlier and pegged inflation between 7 and 7.9 per cent by end-March of 2011-12.
''For 2011-12, forecasters have revised their real GDP growth rate projections downwards to 7.9 per cent from 8.2 per cent in last survey,'' RBI said in a release on a survey conducted by Professional Forecasters''
Earlier, RBI in its monetary policy had projected 8 per cent growth rate for the current fiscal, while the prime minister's economic advisory council (PMEAC) continued to maintain its stand of 8.2 per cent, despite the US downgrade and European debt crisis affecting global economy.
"We knew that growth rate in the US in the first half was only 1.8 per cent.'' PMEAC chairman C Rangarajan told reporters.
"The growth rate of 8.2 per cent, which we have projected for current year, is based on the assumption that growth rate in developed countries will be very modest," he added.
The economy grew by 8.5 per cent in 2010-11.
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