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Macroeconomic indicators - India GDP 6.9pct on reform push - HSBC
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Sunday, 11 Nov 2012
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Financial Express quoted HSBC as saying that the Indian economy, which is projected to grow at 5.7% this fiscal, is likely to clip at a faster pace next fiscal at 6.9% following the recent spate of policy reforms.

Mr Leif Eskesen HSBC India and ASEAN chief economist said that "We expect the economy to grow at 5.7% this fiscal and 6.9% in the next financial year."

The FY'13 growth forecast is a bit higher than government's own growth assumptions and way ahead of many of its own peers, which all have pegged growth this year falling tonne around 5%.

The IMF had recently pegged the growth this calendar year at a poor 4.9% while Mr P Chidambaram Finance Minister early this week had said that growth would hit a decadal low of 5.5% this fiscal. Basing his optimism for higher growth next fiscal, he said that policy reforms, traction in infrastructure projects and rise in investment would be the key factors driving growth next fiscal.

Mr Eskesen said that "We see early signs of reforms, which is likely to improve the investment climate. Also, some traction in infrastructure projects is expected. Further, some stabilization in global factors will also help growth next fiscal."

Source - Financial Express

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