Indian economy to grow over 5 percent next fiscal

March 18th, 2009 - 5:43 pm ICT by IANS  

New Delhi, March 18 (IANS) India’s economy will grow by at least 5 percent in 2009-10, a Planning Commission member said here Wednesday.
“We should see at least a 5 percent growth in GDP (gross domestic product) in 2009-10. One favourable indicator towards such positive growth was the year-on-year growth seen in overall bank lending during 2008-09,” Planning Commission member Abhijit Sen said.

Speaking at the first Asset Reconstruction Summit, organised by the Confederation of Indian Industry (CII), Sen said the economic growth was unlikely to fall below 5 percent.

Meanwhile, the International Monetary Fund (IMF) had projected India’s growth to moderate to 6.25 percent in 2008-09 and further to 5.25 percent in 2009-10.

“After five years with average growth of 8.75 percent, India’s economy is slowing,” the IMF said in an assessment following an annual Article IV Consultations with Indian policymakers.

“Partly reflecting the deteriorating global outlook, (IMF) staff project India’s growth to moderate to 6.25 percent in 2008-09 and further to 5.25 percent in 2009-10,” the institution said.

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