New Delhi: The Indian economy is likely to
grow close to 7 per cent in the current fiscal if the rains
are normal, Deutsche Bank today said.
"Close to 7 per cent growth is possible with normal
monsoon," Chief Economist of Deutsche Bank Group Norbert
Walter said here.
He further said that even the international economy is
not as depressing as it was earlier and the government has
also taken steps to spur the economy.
This will help the Indian economy to grow close to seven
per cent, Walter added.
Last week, Planning Commission Deputy Chairman Montek
Singh Ahluwalia said it is too early to say that monsoon has
failed and that it may improve next week.
"Although rain deficiency has been a matter of concern,
I think the Meteorological department has told us that there
is a possibility of improvement in the next few days and it is
certainly too early to say that the monsoon has failed because
it could improve next week. We have to see what it is like
in August," Ahluwalia had said.
Walter said India's good fundamentals should provide a
strong medium-term outlook.
India's economic growth slowed down to 6.7 per cent in
the last fiscal, from the average growth rate of 8.8 per cent
in the previous five years.
Bureau Report
First Published: Wednesday, July 29, 2009, 22:03