India to grow at 6% in 2009: UN survey
The Times of India, March 27, 2009, Page 24
New Delhi: India is expected to grow at a rate of around 6% in 2009 mainly supported by fiscal measures taken by government amid many developed economies falling into recession, says a report by the United Nations .
"The government took measures to improve the liquidity of the financial sector and relaxed monetary policy. It also introduced fiscal stimulus packages which should soften the economic downturn," the report by UN Economic and Social Commission for Asia and the Pacific (UN-ESCAP) said.
Supported by the measures announced by the government, the Indian economy is expected to grow at around 6% in 2009, the report said. Real economies of South Asia are set to weather the effects of the global slowdown better than many in the Asia-Pacific region due to India's economic growth, it added.
India's growth rate in 2009, however, would be lower than 7.1% estimated in 2008 mainly on account of fall in exports, economic affairs officer of ESCAP Shuvojit Banerjee said after releasing the report.
Developed nations such as the US, UK and Japan are already in recession. On inflation, the report said with falling prices of oil and other commodities in the international market, the rate of price rise is expected to dip further.
It added that due to increase in government salaries and subsidies for food, fertiliser and certain fuel products, the budget deficit is estimated to rise to 6% of the GDP in 2008. AGENCIES
The Times of India, March 27, 2009, Page 24
New Delhi: India is expected to grow at a rate of around 6% in 2009 mainly supported by fiscal measures taken by government amid many developed economies falling into recession, says a report by the United Nations .
"The government took measures to improve the liquidity of the financial sector and relaxed monetary policy. It also introduced fiscal stimulus packages which should soften the economic downturn," the report by UN Economic and Social Commission for Asia and the Pacific (UN-ESCAP) said.
Supported by the measures announced by the government, the Indian economy is expected to grow at around 6% in 2009, the report said. Real economies of South Asia are set to weather the effects of the global slowdown better than many in the Asia-Pacific region due to India's economic growth, it added.
India's growth rate in 2009, however, would be lower than 7.1% estimated in 2008 mainly on account of fall in exports, economic affairs officer of ESCAP Shuvojit Banerjee said after releasing the report.
Developed nations such as the US, UK and Japan are already in recession. On inflation, the report said with falling prices of oil and other commodities in the international market, the rate of price rise is expected to dip further.
It added that due to increase in government salaries and subsidies for food, fertiliser and certain fuel products, the budget deficit is estimated to rise to 6% of the GDP in 2008. AGENCIES
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