Press Esc to close
Sunday 04 December 2016
News updated at 5:34 PM IST
Weather
Max: 26.9°C
Min : 18°C
In Bengaluru
Rain lightly

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
South Indian actress Priyamani poses infront of a replica of Rome's Trevi Fountain...

South Indian actress Priyamani poses infront of a replica of Rome's Trevi Fountain...

People take part in boat rally in Yamuna river to spread awareness about 'Namami Gange Project...

People take part in boat rally in Yamuna river to spread awareness about 'Namami Gange Project...

Delegates of the 6th Ministerial Conference of the Heart of Asia-Istanbul Process...

Delegates of the 6th Ministerial Conference of the Heart of Asia-Istanbul Process...

Dog lovers participated at the 38th & 39th All Breed Championship Dog Shows, organized by...

Dog lovers participated at the 38th & 39th All Breed Championship Dog Shows, organized by...

People take out a rally to protest against Union Carbide and Dow Chemicals on the 32nd anniversary..

People take out a rally to protest against Union Carbide and Dow Chemicals on the 32nd anniversary..

Sitar player and composer Anoushka Shankar performs during a concert in Chennai...

Sitar player and composer Anoushka Shankar performs during a concert in Chennai...

Bollywood actor John Abraham during the launch of Nissan GT-R, in Mumbai...

Bollywood actor John Abraham during the launch of Nissan GT-R, in Mumbai...

The sunset in Kalaburgi on Friday...

The sunset in Kalaburgi on Friday...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

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