Press Esc to close
Friday 01 July 2016
News updated at 2:56 AM IST
Weather
Max: 26.3°C
Min : 20.3°C
In Bengaluru
Generally 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
Naval NCC cadets of West Bengal and Sikkim...

Naval NCC cadets of West Bengal and Sikkim...

A view of the Taj Mahal as cloud hover in the...

A view of the Taj Mahal as cloud hover in the...

Army personnel take positions the house where militants were hiding...

Army personnel take positions the house where militants were hiding...

Delhi Chief Minister Arvind Kejriwal with deputy CM Manish Sisodia talks with..

Delhi Chief Minister Arvind Kejriwal with deputy CM Manish Sisodia talks with..

Visitors enjoy the rain at Rajpath in New Delhi...

Visitors enjoy the rain at Rajpath in New Delhi...

An AirAsia A320 Aircraft with livery painting at Hyderabad on...

An AirAsia A320 Aircraft with livery painting at Hyderabad on...

Vice President Hamid Ansari with Delhi Chief Minister Arvind Kejriwal and...

Vice President Hamid Ansari with Delhi Chief Minister Arvind Kejriwal and...

A Medium Range Surface-to-Air Missile (MRSAM) being successfully test-fired from...

A Medium Range Surface-to-Air Missile (MRSAM) being successfully test-fired from...

Erosion intensified at sea-shore at Ullala near Mangaluru on Thursday following rains. PTI Photo

Erosion intensified at sea-shore at Ullala near Mangaluru on Thursday following rains. PTI Photo

Villagers looking at a one horned rhinoceros that strayed in...

Villagers looking at a one horned rhinoceros that strayed in...

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