Saturday, October 25, 2008

India's growth story to continue....India not in recessionary mode - Reserve Bank Governor D Subbarao

There will be only a slight deceleration:

India's growth story will continue despite a slight deceleration, but there will be no recession as in some advanced economies, Reserve Bank Governor D Subbarao said on Saturday. (photo: AP / J. Scott Applewhite)

"India's growth will continue and even if there is some moderation, it will only be a modest moderation. But it will not be a recession...there will only be a slight deceleration," Subbarao said.

Pegging GDP growth for FY'09 at 7.5-8 per cent, he said, this was "our best growth estimate", even though there were other estimates ranging from 7.2-8.7 per cent.

As India's growth is mainly driven by domestic demand and consumption, the country would be less affected by the global financial turmoil but it would not go completely unscathed, Subbarao said.

Justifying RBI's cautious credit policy announced on Friday, Subbarao said that as a central bank, it had to balance price and financial stability with growth as inflation, though declining, continued to be a matter of concern. To read more, please, visit - Daily News & Analysis

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