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Fall in India's growth to 4.3 per cent in 2009 likely
April 01, 2009: According to the reports by Organization for Economic Co-operation and Development (OECD) India’s economic growth is likely to slow to an 18-year low of 4.3 per cent in 2009, with falling exports offsetting expansion in domestic demand.
Though the country’s gross domestic product grew at a meager 1.3 per cent in 1991-92, the only growth rate comparable with the current projection was in 2000-01 at 4.4 per cent. While the interim report of OECD economic outlook is so far the weakest growth projection for India in 2009 calendar year, another growth outlook starting April, also released on Tuesday by the Asian Development Bank, forecasts the country’s economic growth to dip to 5 per cent due to worsening consumer and business sentiments.
While the government has estimated the economy to grow at 7.1 per cent in fiscal 2009 that ended on 31 Mar 2009, growth may moderate to around 6.5 per cent during the fiscal year, according to Planning Commission deputy chairman Montek Singh Ahluwalia.
Source: Livemint.com