Press Esc to close
Wednesday 02 September 2015
News updated at 11:37 AM IST
Weather
Max: 34°C
Min : 21°C
In Bengaluru
Partially cloudy

Economy could grow at around 6% in 2013: Basu

New Delhi, Jan 4, 2013, PTI:

India's economy could expand by around 6 per cent in 2013, World Bank Chief Economist Kaushik Basu said today, attributing the current slowdown to global factors.

"It is a very very difficult time for the world... The World Bank's rough expectation is that in the calender year 2013, India is going to see growth rate of just short of 6 per cent," said Basu at the C D Deshmukh Memorial Lecture here.

Officially, the World Bank is slated to release global growth projections on January 15.
Amid global slowdown impacting India, the government had lowered the country's economic growth for the 2012-13 fiscal to 5.7-5.9 per cent from its earlier projection of 7.6 per cent. The GDP had expanded by 6.5 per cent in 2011-12, which was nine-year low.

On India's current account deficit (CAD) which widened to record 5.4 per cent of GDP in the July-September quarter, Basu said that though it is a cause of worry, there are market factors which will come into play to stabilise it.

"India has proper floating exchange rate, it [CAD] is not as worrying because there are automatic market stabiliser which will begin to kick in," he said. The CAD, which represents the difference between exports and imports after considering cash remittances and payment, was $18.9 billion in the same period of a year ago and $16.4 billion in the first quarter (April-June).

On high prices, Basu said, "The government should try to bring inflation down to 4-5 per cent."


Go to Top

Photo Gallery
Jaya Karnataka members holding a candle light vigil to staging dhana to condemn...

Jaya Karnataka members holding a candle light vigil to staging dhana to condemn...

Police men baton charge B P Ed Sangharsh Morcha members...

Police men baton charge B P Ed Sangharsh Morcha members...

NCC boats sail towards Sultan Bathery as a part of river sailing expedition...

NCC boats sail towards Sultan Bathery as a part of river sailing expedition...

women's 2000M Dragon Boat race event at the 4th National Dragon Boat Championship...

women's 2000M Dragon Boat race event at the 4th National Dragon Boat Championship...

Launch of Ciaz Smart Hybrid in New Delhi...

Launch of Ciaz Smart Hybrid in New Delhi...

Iris Maju is crowned as Mrs India World 2015 in Kochi on Tuesday...

Iris Maju is crowned as Mrs India World 2015 in Kochi on Tuesday...

Activist of AASU burn tyres during a protest at Margherita in Tinsukia district...

Activist of AASU burn tyres during a protest at Margherita in Tinsukia district...

Narendra Modi leaves in a chopper after NDA's Parivartan Rally at the Airport...

Narendra Modi leaves in a chopper after NDA's Parivartan Rally at the Airport...

A artist giving final touches to the Ganesha idol ahead of Ganesha Chathurthi Festival...

A artist giving final touches to the Ganesha idol ahead of Ganesha Chathurthi Festival...

Vehicle riders watch as two decorated elephants pass near Shanthala theatre...

Vehicle riders watch as two decorated elephants pass near Shanthala theatre...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523