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India`s growth rate to accelerate to 6.5% in 2010: IMF

Last Updated: Friday, October 30, 2009 - 00:36

New Delhi: International Monetary Fund (IMF)
today said India`s economic growth rate will accelerate to 6.5
per cent in 2010 on account of robust domestic demand and
rising private investment.

"India`s growth is expected to accelerate to 6.5 percent
in 2010 from 5.33 per cent in 2009, on the back of strong
domestic demand," the IMF said in its regional economic

"In particular, the normalisation of financial conditions
is expected to support a rebound of private investment,
sustaining demand even as the fiscal stimulus wanes," it

In its twice-yearly World Economic Outlook released in
Istanbul earlier this month, the Fund had pegged the economic
growth rate at 6.4 percent for next year.

The World Economic Outlook had projected India`s growth
at 5.4 percent for 2009.

Earlier this week, RBI retained economic growth
projection at six per cent with upward bias for 2009-10 in its
second quarterly review of monetary policy.

Even Prime Minister Manmohan Singh had recently said that
the Indian economy would grow by 6-6.5 percent in the current
fiscal despite being affected by the global financial crisis
and drought in the country.

On account of global financial meltdown, India`s economic
growth slowed down to 6.7 per cent during 2008-09, from over 9
per cent recorded in the previous three years.

In the first quarter of the current fiscal, Indian economy
grew by 6.1 percent.

Bureau Report

First Published: Friday, October 30, 2009 - 00:36

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