Indian economy likely to grow 6.5-7 pc this fiscal: economists | business | Hindustan Times
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Indian economy likely to grow 6.5-7 pc this fiscal: economists

Indian economy is likely to grow by around 6.5-7 pc in the current fiscal, the advance data for which would be out tomorrow, against 9 pc in the previous fiscal despite two rounds of stimulus packages announced by the Centre, economists said.

business Updated: Feb 08, 2009 13:51 IST

Indian economy is likely to grow by around 6.5-7 per cent in the current fiscal, the advance data for which would be out tomorrow, against 9 per cent in the previous fiscal despite two rounds of stimulus packages announced by the Centre, economists said.

"Something close to seven per cent. It could be little less than seven per cent," former chairman of PM advisory panel C Rangarajan told PTI when asked about his projections for economic growth in the current fiscal.

The Central Statistical Organisation would release advance data of economic growth for 2008-09 tomorrow.

Seven per cent or close to seven per cent in the current year means growth rate of about six per cent in the second half of this fiscal, Rangarajan, who was also the former RBI governor, said adding he expects the economy to grow at close to six per cent in the next fiscal as well.

Crisil Principal Economist D K Joshi said, "I expect growth rate to be between 6.5 and seven per cent in 2008-09."

The growth rate in the second half of the current fiscal was widely expected to be moderate, even as the government came out with two rounds of stimulus packages.

The economy grew by 7.8 per cent in the first half of this fiscal against 9.3 per cent a year ago. In whole of last fiscal, economy expanded at the rate of 9 per cent.