Mumbai, Apr 21 (PTI) The world economy has to bounce back from recession for India to chart high growth at around nine per cent and above, RBI Governor D Subbarao today said.
"For India's economy to go back to the same high growth trajectory of 9 per cent and more, we need the rest of the world to go back to the earlier growth levels," Subbarao told reporters here after unveiling the apex bank's annual credit policy statement.
"We also need exports prospects to open up," the Governor said.
The RBI today pegged India's GDP growth for 2010 at around six per cent.
"Like all emerging economies, India too has been impacted by the crisis, and much more than was expected earlier," Subbarao said.
He said GDP growth has moderated reflecting lower industrial production. Besides, negative exports, deceleration in services activities, dented corporate margins and diminished business confidence have impacted growth rates.
"There are some comforting factors-- well-functioning financial markets, robust rural demand, lower headline inflation, and comfortable foreign exchange reserves-- which buffered us from the worst impact of the crisis," he said.
Source : Press Trust Of India