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| Monday, 7 July 2003 |
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Indian economy strong enough to grow by 6.5 percent: central bank NEW DELHI, Sunday (AFP)-India's central bank governor Bimal Jalan said India's economic position was strong enough to see growth rates of 6.0 or 6.5 percent in the medium term. "Our macro-economic position is very strong with low inflation and interest rates and high forex reserves, which is congenial to carry forward the financial sector reforms and accelerate growth by two to three per cent in the medium term," Jalan was quoted as saying by the Press Trust of India (PTI) news agency in New Delhi. "... I expect growth to be between 6.0 percent to 6.5 percent in the medium term," he said.Last month, the Central Statistical Organisation blamed a withering drought for shaving one percentage point off India's economic growth in the year to March, bringing it down to 4.3 percent from the year before. It said despite more than five percent growth clocked by the manufacturing, mining and hotel industries, overall economic growth was pulled down to due to low agricultural output. Industry experts have forecast the economy is likely to grow at 5.5 to 6.0 percent in the fiscal year 2003-2004 because near-normal monsoon rains are expected, coupled with sustained industrial growth. |
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