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HindustanTimes Fri,18 Apr 2014

6% growth possible for India: Raghuram Rajan

PTI  Singapore, April 06, 2013
First Published: 12:13 IST(6/4/2013) | Last Updated: 12:16 IST(6/4/2013)

India is watching the external developments of recent weeks and its impact on the economy, chief economic advisor Raghuram G Rajan said in Singapore on Saturday even as he expressed optimism of the economy growing by over 6% during the current fiscal.

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"The external environment has deteriorated somewhat," he said.

"Yesterday's US labour numbers came in very weak compared to expectations, the tensions in Korean peninsula which is creating problems [and in] Europe you have the Cyprus issues and some concern about some of the banking systems in some of the peripheral countries because of what happened in Cyprus.

I don't think we have seen the end of that," he said.

But Rajan said he would stand by the 6.1-6.7% Indian economic projection for this year.

"This year, we made a forecast of 6.1 and 6.7 and I still stand by that. I am not going to drop on that but what we have seen last few weeks, indicators both in India and outside and we will have to be watching carefully but I don't see any reasons to change our forecast."

Rajan was speaking to reporters after delivering a keynote address at the two-day 'IMPACT 2013' conference, organised by the Indian Institute of Management alumni in Singapore.

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