Skip to main content

 

Indian economy to grow at 6.1 % in FY14: World Bank

World Bank scaled down India ’s growth forecast to 6.1% for the current fiscal year 2013-14 from 7% projected six months ago. The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2% during 2013-14 against the previous estimate of 2.7% despite normal monsoon projection.
However, World Bank notes that India is regaining economic momentum and growth is expected to recover gradually to its high long-term potential. As per the India Development Update of the World Bank, Indian economic growth of 6.1% in 2013-14 is on account of robust domestic demand, strong savings and investment rate. Growth is expected to increase further to 6.7% in 2014-15.
Recent data points to some improvements in economic activity as well. Inflation and trade deficit have come down in recent months, while private consumption and investment growth accelerated in the third quarter of 2012-2013. Moreover, with the stabilisation of the rupee and the expectations of a good monsoon, inflation is expected to decline further in the coming months, according to the report. The fiscal deficit too is expected to decline as the government has renewed its commitment to fiscal consolidation. The current account deficit reached a record high in 2012-13, but is expected to narrow in the medium term.
As per the International Monetary Fund (IMF) report however India ’s GDP is likely to improve to 5.7% during year ending December 2013 and further to 6.2% a year after. In contrast, Prime Minister's Economic Advisory panel has pegged the growth rate for the current fiscal at 6.4%, and according to the Economic Survey 2012-13, India 's GDP growth is expected to be between 6.1%-6.7% in 2013-14.
Growth projections so far:

S.No.
Rating Agency
GDP Growth Projections
2013-14
1
Reserve Bank of India1
6.5%
2
Ministry of Finance, India2
6.1%-6.7%
3
PMEAC, India3
6.4%
4
United Nations4
6.4%
5
World Bank
6.1%
6
Asian Development Bank
6.0%
7
International Monetary Fund5
5.7%



















Note: 1) Median forecasts of select macroeconomic indicators by professional forecasters 2013-14
 (Latest round projections)
2) Economic Survey of India 2013-14
3) Primer Ministers Economic Advisory Council
4) & 5) Projection for calendar year ending December 2013



Warm regards,

Dr. S P Sharma
Chief Economist

Comments

Popular posts from this blog

Assembly Elections 2017  Uttar Pradesh  (403/403) Punjab  (117/117) Goa  (38/40) Party Lead Won Total SP+INC 38 28 66 BJP + 193 119 312 BSP 10 10 20 RLD 00 01 1 Others 03 01 4 Party Lead Won Total SAD+BJP 01 16 17 INC 04 74 78 AAP 00 20 20 BSP 0 0 0 Others 00 02 2 Party Lead Won Total BJP 02 12 14 INC 01 13 14 AAP 0 0 0 MGP + 00 03 3 Others 00 07 7 Uttarakhand  (70/70) Manipur  (60/60)   Party Lead Won Total INC 04 07 11 BJP 15 42 57 BSP 0 0 0 UKD 0 0 0 Others 01 01 2 Party Lead Won Total INC 09 16 25 BJP 06 18 24 AITC 0 01 1 NPF 01 03 4 Others 02 04 6  
Discipline Virat can win WCC JUNE 24, 2019 Monsoon in day reach Lucknow Pranati- win the bronze medal M7.3 Earthquake – Banda Sea https://sagarmediainc.com/ INVITATION | LAUNCH OF “SWACHH MAHOTSAVA” CELEBRATIONS BY SH. GAJENDRA SINGH SHEKHAWAT, UNION MINISTER, JAL SHAKTI | 3.45 PM , MONDAY, 24 JUNE | VIGYAN BHAWAN, DELHI Invitation for a discussion on “Emergency: Darkest Hour in Indian Democracy” : S Gurumurthy, Chairman, VIF & Dr A Suryaprakash, Chairman, Prasar Bharti on Monday, 24th June 2019 17.30 NMML Invitation _Dr. Prabha Ravi Shankar_“G.A. Natesan (1873-1949): ‘Old and Dear Friend’ of Mahatma Gandhi”_24 June 2019_3.00pm  CPR and CSH are pleased to invite you to a workshop on ‘Whims of a Digital Boss: The Story of Insecure App-Based Workers in Delhi’ Speaker:  Akriti BhatiaTuesday, 25 June 2019, 3:45 p.m. Centre for Science and Humanities (CSH), 2, Dr APJ Abdul Kalam Road, (formerly Aurangzeb Road) What are the Priorities ...
RB and Save the Children launch productsto reduce child deaths from diarrhoea 25 MAR 2015 Leave a comment by  newdelhisamachara   in  Uncategorized   Edit New Delhi. 25 March 2015 The global partnership between RB and Save the Children today launched a unique and ground-breaking programme to help eradicate child deaths from diarrhoea. The partnership unveiled two innovative new hygiene and sanitation products by RB (formerly known as Reckitt Benckiser) alongside Save the Children’s sustainable Stop Diarrhoea programme in India, Pakistan and Nigeria – aimed at preventing, controlling and treating the unnecessary killer. The combination of RB’s expertise in product development and research, and Save the Children’s experience of delivering life-saving work will help save thousands of young lives a year. Funded by RB, the Stop Diarrhoea programme, will for the first time fully implement the World Health Organisation and UNICEF 7-point plan to ensure c...