| Date: |
04-04-2011 |
| Subject: |
India To Grow At 8.3 Percent In 2011-12 |
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Credit rating agency downgraded Indian economy's growth projection to 8.3 percent for 2011-12 on account of high inflationary pressures that has forced the Reserve Bank to hike key rates.
The agency had earlier projected the country's growth for the current fiscal at 8.5 percent. It, however, kept its projection for 2012-13 unchanged at 8 percent.
"India's economy grew 8.7 percent in FY'11 (the year to end-March 2011) on the government's estimate, in line with Fitch's expectation.
The agency revised its FY'12 growth forecast down marginally to 8.3 percent from 8.5 percent as inflation is easing less quickly than anticipated," Fitch said in its report -- Global Economic Outlook (GEO).
The wholesale prices rose 8.3 percent in February 2011 compared to the year-ago period, which is up from 8.2 percent in January, it added.
Source : siliconindia.com
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