Amid speculations that RBI may buy
more gold from the IMF, the Prime minister`s economic advisory
panel has said the central bank should wait for some more time
before going for another round of purchases.
The Prime Minister`s economic panel does not expect the Dubai debt crisis to trigger another meltdown in the world and has retained its forecast of Indian economic growth rate to 6.5 percent for the current fiscal.
The Prime Minister`s economic advisory panel expects the economy to grow by around 6.1 percent in the second quarter, the same as in the preceding three months, due to the impact of a weak monsoon on agriculture.
The "most appropriate" timing for a gradual rollback of the fiscal stimulus package would be the next financial year, Chairman of the Prime Minister`s Economic Advisory Council C Rangarajan said on Wednesday.
The Indian economy is unlikely to
return to nine per cent growth level in the near future as the
global slowdown may continue for some more time, says Prime
Minister`s Economic Advisory Council member Govinda Rao.
The RBI is not likely to hike interest rates in its monetary policy review on October 27 even as inflation is expected to rise to 6 per cent this fiscal-end from 0.7 per cent at present, the Prime Minister`s Economic Panel said.
Poor monsoon will have a dampening effect on the country`s economic growth rate and it could slide to six per cent during the current fiscal, Prime Minister`s Economic Advisory Council (PMEAC) C Rangarajan said here on Monday.