India to grow at 8% in 2011: IMF
The IMF on Monday again revised downwards the country's growth outlook for 2011 to around 8% on the back of high inflation and overall global economic outlook, clouded by rising commodity prices led by oil.business Updated: May 09, 2011 23:33 IST
The IMF on Monday again revised downwards the country's growth outlook for 2011 to around 8% on the back of high inflation and overall global economic outlook, clouded by rising commodity prices led by oil.
"As new downside risks have emerged across the globe, and particularly in Asia Pacific economies with many of them overheating, we revise downwards our growth for the region and also for India, where we see the growth momentum decelerating this fiscal to around 8%," said IMF director, Asia Pacific department, Anoop Singh.
The multilateral agency had earlier also moderated the country growth projection to 8.2% from the 8.4%.
"In 2011, the pace and composition of growth will continue to show notable differences across Asia. China and India are expected to lead the rest of the region with China growing by 9.5% and India by around 8%," Singh said.
He was talking to the media after presenting its latest report on the Regional Economic Outlook for Asia and Pacific: Managing the Next Phase of Growth to the Reserve Bank officials here.
Earlier, international financial lender ADB had also revised its growth projection for India to 8.2% for this calender year from earlier estimate of 8.7%, on account of high prices.
In the annual monetary policy announced on May 3, the Reserve Bank had said the country's economy would grow to around 8% while the Budget pegged growth at 9% over even more.