GDP to grow 6.5 pc in 2008-09: Montek | business | Hindustan Times
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GDP to grow 6.5 pc in 2008-09: Montek

India’s economic performance will be “significantly worse” in 2009-10 than in the current financial year. Planning Commission Deputy Chairman Montek Singh Ahluwalia said India’s gross domestic product will grow 6.5 pc, much lower than the advance estimate of 7.1 pc, reports Chetan Chauhan.

business Updated: Mar 28, 2009 01:12 IST
Chetan Chauhan

India’s economic performance will be “significantly worse” in 2009-10 than in the current financial year.

Addressing the Confederation of Indian Industry in Delhi on Friday, Planning Commission Deputy Chairman Montek Singh Ahluwalia said: “Is the problem going to end in 2009-10? I don’t think so.”

He said India’s gross domestic product (GDP) will grow 6.5 per cent, much lower than the advance estimate of 7.1 per cent.

Hindustan Times has access to a Planning Commission report, prepared by Kirit S Parikh, Member, Planning Commission, which projects India’s GDP growth rate in 2009-10 at 6.3 per cent. The GDP grew 7.3 per cent in calendar 2008.

Commenting on the report, Subir Gokarn, chief economist at global rating agency Standard & Poor’s Asia Pacific, said: “Even the Prime Minister (Manmohan Singh) had said yesterday that we will not achieve the 7.1 per cent projection in the advance estimate for this financial year. Considering that, the estimate is realistic.”

The report, which Planning Commission Deputy Chairman Montek Singh Ahluwalia has forwarded to the Prime Minister’s Office, will be part of the inputs Prime Minister Manmohan Singh receives on the economy when he visits the G-20 Summit in London next week.