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India's growth at 5.9% in 2014-18: OECD

Brunei/New Delhi/Washington, Oct 8, 2013, PTI: 22:24 IST
India is projected to see moderate average annual growth of 5.9 per cent during the 2014-18 period amid the country witnessing macroeconomic weaknesses, according to Paris-based thinktank OECD.

The forecast for India is much lower than OECD’s estimated growth of 6.9 per cent for overall Emerging Asian economies in the same period.

The Organisation for Economic Cooperation and Development (OECD) said in its report on Tuesday that growth in Emerging Asia would remain robust over the medium term, anchored by steady rise in domestic demand. “As a whole, the Emerging Asian economies are expected to grow by 6.9 per cent per annum in 2014-18. It is a robust pace, albeit less than the 8.6 per cent registered before the global financial crisis (2000-07).

OECD said India’s growth is expected to moderate to 5.9 per cent during 2014-18 period, compared to 7.1 per cent between 2000-07.

Economic growth rate slipped to a decadal low of 5 per cent in 2012-13 and declined to 4.4 per cent in the first quarter (April-June) of the current financial year.

In the current fiscal, RBI expects the economy to expand 5-5.5 per cent.

IMF cuts FY ’13 estimates

The International Monetary Fund (IMF) on Friday lowered its projection of India's growth rate to 3.75 per cent in 2013 from 5.7 per cent estimated earlier on account of poor demand and weak manufacturing and services sector performance.

In its World Economic Outlook report, IMF also said India is among the economies that may require more tightening to address inflation pressure.

"In India, growth in fiscal year 2013 is expected to be around 3.75 per cent, with strong agriculture production offset by lacklustre activity in manufacturing and services, and monetary tightening adversely affecting domestic demand," the IMF said.

"For fiscal year 2014, growth is projected to accelerate somewhat to 5 per cent, helped by an easing of supply bottlenecks and strengthening of exports," according to the report released at the IMF and World Bank meetings in Washington.

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