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2011-07-04

FM says no decision on lowering GDP

He says no decision taken on lowering of GDP

FM says no decision on lowering GDP

Union Finance Minister Pranab Mukherjee made it clear on Monday that the government has not taken any decision yet on revising the economic growth projections for 2011-12.

The Reserve Bank in its monetary review for the fiscal pegged the GDP growth at 8 percent, lower than the 8.75 percent to 9.25 percent earlier projected by the government in the Economic Survey.  

Previous fiscal, the nation's GDP growth was 8.5 percent.

Recently, global ratings agency Fitch had also lowered its growth forecast for India in 2011 to 7.7 percent from 8.3 percent previously. According to it, the outlook for the Indian economy is likely to remain somewhat clouded by persistently high inflation, which has also made the RBI to hike its key policy rates 10 times since March 2010 .

However, last week in Washington, the Finance Minister said that the Indian economy is likely to maintain the growth momentum of the previous fiscal in 2011-12 as well.

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