IMF forecasts 8 percent growth for India
March 17th, 2010 - 9:22 pm ICT by IANSWashington, March 17 (IANS) In an upbeat assessment of India’s growth outlook, the International Monetary Fund (IMF) forecast India’s economic growth to accelerate to 8 percent in 2010-11 from 6.75 percent in 2009-10.
However, IMF in its latest Article IV consultation paper issued Wednesday also cautioned India on the need to rein in high inflation and rising fiscal deficit.
“With India’s long-term prospects remaining strong and private sector balance sheets sound, we expect growth to be back at potential in 2010-11 even if advance economies grow below trend,” it said.
India’s economy is recovering well, with conditions now in place for a gradual tightening of monetary policy, the IMF said while indicating there is room for the rupee to rise without compromising a recovery.
“India’s economy is rebounding strongly ahead of most countries in the world, bringing policy trade-offs to a head earlier than in other countries,” the IMF said.
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Tags: article iv, balance sheets, consultation paper, countries in the world, economic growth, economy, fiscal deficit, growth outlook, India, inflation, international monetary fund, international monetary fund imf, march 17, monetary policy, private sector, rupee, term prospects, trade offs, upbeat assessment