PM says Indian economy to grow 6.0-6.5% in FY10

The Indian economy will grow 6.0-6.5% in the current financial year ending March despite the drought and the global financial crisis, Prime Minister Manmohan Singh said. The Indian economy had grown 6.7% in 2008-09 compared with 9.0% in the previous year. "The global economic and financial crisis has affected our growth, our exports, and the inflow of foreign investment into India," Singh said addressing a conference of the armed forces. "Despite these negative factors, the Indian economy has shown remarkable resilience. Our growth rate in the current year will be 6.0-6.5%," he said. At 6.0-6.5%, India will be the second fastest growing major economy in the world, he said.
The Indian economy grew 6.1% in the first quarter of 2009-10. Most analysts expect India's gross domestic product (GDP) growth in 2009-10 to be in the range of 6.0-6.5%. The prime minister also said the global economy was showing incipient signs of recovery. "There are incipient signs of recovery in the global economy, but it is not yet certain whether this represents a return to a secular and self-sustaining growth path," he said. Last month, the International Monetary Fund raised its forecast on global economic growth in 2010 to 3.1% from 2.5% earlier.

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