Indian economy to grow at about 7% in FY10: Citigroup
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Indian economy to grow at about 7% in FY10: Citigroup

Last Updated: Saturday, January 23, 2010, 11:29
 
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Indian economy to grow at about 7% in FY10: Citigroup
New Delhi: Financial services firm Citigroup today said the Indian economy will grow at 7 per cent in the current financial year, a notch lower than the government's near 8 per cent growth estimate for the period.
"FY10 GDP (Gross Domestic Product) is likely to come at ~7 (about 7) per cent levels," Citigroup said in its Global Markets report.   In the first half of this fiscal, the economy grew at about 7 per cent. As per government estimates economic expansion will be between 7.5 and 8 per cent while the country's apex bank RBI has forecast a 6 per cent growth this
fiscal.   On monetary action by the Reserve Bank in the upcoming policy review, Citigroup said, "Our base case calls for 125bps policy tightening, but higher-than-expected inflation could result in sterner monetary action."   RBI would come out with its policy review on January 29, where it may hint at liquidity management measures to check price rise.   In fact, Citigroup added that a rally in commodity prices could result in inflation breaching 10 per cent levels.   Also, exuding confidence on India's recovery, it said India has the potential to revert to the 8-9 per cent growth path.  PTI


First Published: Friday, January 22, 2010, 19:46


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