Growth for FY09 may slip to 6.2%: Moody`s

Last Updated: Wednesday, August 26, 2009 - 15:56

New Delhi: Amid threats of a widening
drought, global credit rating agency Moody`s on Wednesday projected
India`s economic growth to slip to 6.2 percent this fiscal
from 6.7 percent in the previous fiscal.

"India`s GDP growth for fiscal 2009-10 is forecast to
slow to 6.2 percent," Moody`s Economy.com, the global
rating agency`s research arm said.

"India`s GDP growth for fiscal 2009-10 is forecast to
slow to 6.2 percent," Moody`s Economy.com, the global
rating agency`s research arm said.

Moody`s forecast is in agreement with the Reserve Bank of
India`s prediction of 6 percent growth with an upward bias.
This is lower than the country`s growth rate of 6.7 percent
for the financial year 2008-09.

"The drought is clearly taking steam out of India`s
growth momentum and another emerging concern is food
price inflation," the agency said.

The report said unlike the global recession, which turned
out to be "only a mild drag on India`s economic performance"
the impact of the delayed monsoon could be more on the
economy.

Bureau Report



First Published: Wednesday, August 26, 2009 - 15:56

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