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  
Women Economic Forum – India in Kolkata presented by the JW Marriott Kolkata. December 10, 2016 Sagar Media Inc HEADLINES LEISURE POLITICS ENVIRONMENT ART & ENTERTAINMENT SPORTS ALL ARTICLES Saturday, Dec. 10, 2016 Next update in about 22 hours Archives Women Economic Forum – India in Kolkata presented by the JW Marriott Kolkata. Shared by Sagar Media Inc enkaysagar.wordpress.com  – We have the pleasure to invite you to be our distinguished speaker at our regional Women Economic Forum – India in Kolkata presented by the JW Marriott Kolkata.  We would love to have you with us a… President Park’s impeachment approved Shared by Sagar Media Inc enkaysagar.wordpress.com  – President Park Geun-hye holds a meeting with Cabinet ministers at the presidential office Cheong Wa Dae in Seoul on Dec. 9, 2016 South Korea’s parliament on Friday passed a motion to impeach Presid… Magnitude 7.8 earthquake str
Duterte proposes another UN August 21, 2016 Philippine President Rodrigo Duterte railed against the United Nations today after it called for an end to the wave of killings unleashed by his war on drugs, saying he might leave the organisation. Duterte also said the Philippines will invite China and African nations to form another global organisation in place of United Nations, as world body is not doing enough to address hunger and terrorism. There appears to be human rights working for terrorist and mafia in third world to keep their states in dire state. Two UN human rights experts last week urged Manila to stop the extra-judicial executions and killings that have escalated since Duterte won the Presidency. About 900 suspected drug traffickers have been killed since he came to power after winning the election on May 9. Leave a comment   Edit Three terrorists killed in Tangdar of Jammu August 21, 2016 Jammu & Kashmir, three unidentified militants were killed i