Press Esc to close
Sunday 25 September 2016
News updated at 4:04 PM IST
Weather
Max: 25.8°C
Min : 19.6°C
In Bengaluru
Generally cloudy
Breaking News

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
Army personnel arrive to help flood affected people in Hyderabad...

Army personnel arrive to help flood affected people in Hyderabad...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Thangavelu Mariyappan who won the gold in the Paralympics in Rio de Janeiro...

Thangavelu Mariyappan who won the gold in the Paralympics in Rio de Janeiro...

A view of regular traffic during relaxation given by authorities and separatists from strike...

A view of regular traffic during relaxation given by authorities and separatists from strike...

A truck hangs mid-air after breaking the railing of a road bridge over Manjira river in Medak...

A truck hangs mid-air after breaking the railing of a road bridge over Manjira river in Medak...

Cricketer M.S. Dhoni at the launch of refurbished edition of Maruti Suzuki's Alto 800...

Cricketer M.S. Dhoni at the launch of refurbished edition of Maruti Suzuki's Alto 800...

An artist takes selfie with other artists in Ahmedabad on Saturday...

An artist takes selfie with other artists in Ahmedabad on Saturday...

Indian Space Research Organisation's PSLV-C35 ready to be launch on Saturday with SCATSAT-1...

Indian Space Research Organisation's PSLV-C35 ready to be launch on Saturday with SCATSAT-1...

People participate in a protest by Maratha Karnti Morcha against Kopardi Rape case in Nashik...

People participate in a protest by Maratha Karnti Morcha against Kopardi Rape case in Nashik...

Soldier carrying weapon at a location near the Indo-Pak border in Jammu...

Soldier carrying weapon at a location near the Indo-Pak border in Jammu...

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