India’s finance ministry has issued a new and gloomier forecast for annual economic growth, predicting that gross domestic product will rise 5.7-5.9 per cent in the fiscal year to March – compared with its original forecast for the year of 7.6 per cent.
In reality, however, the new numbers published in a mid-year economic analysis for 2012-13 paint an outlook even rosier than independent economists, the International Monetary Fund and government officials have been suggesting for the past several months.
“We are hopeful that growth will pick up from here,” said Raghuram Rajan (pictured), the government’s chief economic adviser, predicting growth of around 6 per cent in the second half compared with 5.4 per cent in the first. “We see that there are some green shoots coming up.”
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