RBI survey pegs 2009-10 economic growth at 6.5 per cent
08 Aug 2009
A Reserve Bank survey of professional forecasters has projected economic growth in India at 6.5 per cent in the current financial year, 2009-10, revising the growth outlook upwards from 5.7 per cent stated earlier.
The Reserve Bank has been conducting the survey on a quarterly basis from the second quarter ended September 2007. Done through a questionnaire responded by 20 forecasters who participated in this round, the survey covered component-wise detailed forecasts of GDP growth, inflation, savings, capital formation, consumption expenditure, export, import, interest rates, money supply, credit growth, stock market movements, corporate profit, etc.
The survey, however, predicts the growth in agriculture at just 2.5 per cent from 3 per cent earlier.
Meanwhile, growth projection for industry has been scaled up to 4.8 per cent from 4.1 per cent, and that of the service sector to 8.3 per cent from 7.5 per cent.
Even then, growth of corporate profits is expected to come down to 7.5 per cent from their earlier estimates of nine per cent.
The outlook by the professionals for the Indian economy for 2009-10 is slightly less than the 6.7 per cent expansion recorded last fiscal. But, it is higher than the 6 per cent growth projected by RBI in its first quarter monetary review.
