Economy Growth Looking Sluggish

30 August 2011 - Which Way To Pay

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Economy Growth Looking Sluggish

India’s economy growth is the weakest it has been in six quarters at 7.7 per cent. This is also the second straight quarter it has fallen below 8 per cent. This is not looking good for Asia’s third largest economy, especially with high inflation and interest rates likely to increase to counter this. It is expected that the Reserve Bank of India will continue its monetary tightening.

However Ashutosh Datar, economist at IIFL in Mumbai, believes these facts regarding GDP growth is nothing to panic about. He made it clear that although growth is slowing down, it is by no means collapsing as some may fear.

However the battle with inflation seems to go on. Preoccupations concerning corruption scandals have made it virtually impossible for any legislation to be approved which could ease the burden of the faltering economy. This has made it very difficult for the Reserve Bank of India to tackle inflation.

Interest rates have been raised 11 times since March 2010 by the RBI, but it hasn’t seemed to have had the required affect as headline inflation for July was still 9.22 per cent, which was far away from the central bank’s 4 to 4.5 per cent comfort zone. The RBI has still reiterated that their priority is containing prices; how many more times will rates have to go up before a difference is made?

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