India's Economy May Expand 9.7% This Year, More Than Forecast, IMF Says

[Water Car Engineer]

India’s economy may grow faster than previously forecast, helped by consumer demand, the International Monetary Fund said.

The South Asian economy will expand 9.7 percent in 2010, the Washington-based lender said in its World Economic Outlook, more than the 9.4 percent estimated in July. The fund maintained its 2011 prediction for India’s growth at 8.4 percent.

“Low reliance on exports, accommodative policies, and strong capital inflows have supported domestic activity and growth,” the IMF said in the report. “The rapid pace of domestic activity, evidenced by rapidly rising inflation, led the central bank to increase the repo policy rate.”

The Reserve Bank of India has increased its benchmark repurchase rate by 1.25 percentage points this year, the most by any central bank in Asia, to cool price gains. The IMF forecast Indian consumer prices may rise 13.2 percent in 2010 compared with 10.9 percent in 2009.

The Reserve Bank’s repurchase rate is 6 percent and the reverse repurchase rate is 5 percent. The central bank is scheduled to issue its next monetary policy statement on Nov. 2.

Earlier this month, Goldman Sachs Group Inc. increased India’s economic growth forecast to 8.5 percent from 8.2 percent for the financial year ending March 31 and estimated inflation at 6.5 percent by March 31, more than its earlier projection of 6 percent.

India's Economy May Expand 9.7% This Year, More Than Forecast, IMF Says - Bloomberg

 

[ISRO Go!]

if it happens i would be the happiest guy on this planet

 

[karan.1970]

if it happens i would be the happiest guy on this planet

No You wont be.. Unless you are ok sharing the spot with me

 

[prototype]

I expected a figure around 10.5% this yr,so both happy and depressed

 

[Kinetic]

India needs 10%+ annual growth for atleast a decade than only Indian economy will be in good position enough to back our strategic interests. India is moving that way though specially in between 2000 to 2010 it prepared for that.

 

[jha]

When are we going to break the double digit barrier..??

 

[Jungibaaz]

Amazing India is rising fast, way to go!

 

[Chinese-Dragon]

When are we going to break the double digit barrier..??

Very soon, if what I read in the Economist is right.

I'd say maybe a year from now.

 

[Urbanized Greyhound]

waiting for the day when India would achieve double digit growth......during the 1970's the four Asian dragons which were mostly democracies did it.....so can we too,if we take care of our public sector,inefficient bureaucracy and corruption......India has a lot of undeveloped potential ......our population though is a big worry and can potentially dampen the benefits of this growth......

 

[IBRIS]

waiting for the day when India would achieve double digit growth......during the 1970's the four Asian dragons which were mostly democracies did it.....so can we too,if we take care of our public sector,inefficient bureaucracy and corruption......India has a lot of undeveloped potential ......our population though is a big worry and can potentially dampen the benefits of this growth......

There are rumors about Congress might approve a massive package for the poverty stricken states to uplift the poor. This card will be used to gain more popularity for the next elections.

Congress ratings have been plunging due to huge delays and corruption. BJP had been doing there best to show the bad side of Congress.

 

[Von Hölle]

India's GDP(nominal) was $1236 Trillion starting at the end FY 2008-09

India grew by 7.4% in FY 2009-10 hence India GDP(nominal) 2010 = $1327.5 Billion.

If Indian economy grows by 9.7 % in FY 2010-11(as predicted ) then GDP in 2011 = $1456 Billion.

 

[Urbanized Greyhound]

There are rumors about Congress might approve a massive package for the poverty stricken states to uplift the poor. This card will be used to gain more popularity for the next elections.

Congress ratings have been plunging due to huge delays and corruption. BJP had been doing there best to show the bad side of Congress.

well bro the BJP seems to have lost a connection with the Rural or even urban electorate completely.....they still stick to their traditional support base and their Hindutva plank ....ignoring the man on the street....till now the only issue they have managed to raise which somewhat resonates to the people is that of returning the 1.3 trillion black money stashed away in Swiss accounts..... something Gadkari seems to have taken a personal interest in.....

as of 2010....dont see the stagnant BJP posing a serious threat to congress.....politics is a lot about how they market themselves to the voters ( no matter what they do after they come to power)....even on the alliance front with various regional allies they seem to be drawing a blank while the congress using several of the young generation like RG is repeatedly reaching out and making serious inroads to even the BJP tradition bases like Karnataka.....

It wouldn't be enough to simply bring up the corruption in the congress ranks ...the BJP must make a significant election pledge ....a pledge that appeals to the majority of the general public.....

PS: Its good if even in the attempt to gain election points something worth while is done to improve the dismal conditions in the Eastern and North eastern regions but unfortunately....the money sanctioned for this region will vanish into private pockets long before it reaches its destination courtesy our corrupt bureaucracy.....

 

[nForce]

Amazing India is rising fast, way to go!

Thank you...

BTW..we prefer the term "Incredible India"

 

[Gene]

we grow,india grow.so work hard to make india grow faster

 

[Nomenclature]

The IMF forecast Indian consumer prices may rise 13.2 percent in 2010 compared with 10.9 percent in 2009.

Hmm...Why no one here seems to be worried about inflation? What good will 9.7% growth do to Indians if the consumer prices go up 13.2 percent?