Indian Economy To Grow 6.9%

13 June 2012 16:00 - Florence Fullalove

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Indian Economy To Grow 6.9%

The World Bank has forecasted the Indian economy will grow by 6.9% in 2012-2013 as problems like policy uncertainties, fiscal deficit and inflation were causes for concern. In its Global Economic Prospects report, the World Bank said, “India will see growth increasing to 6.9, 7.2 and 7.4 per cent in fiscal years 2012-13, 2013-14 and 2014-15, respectively.” The agency said that growth in India was particularly weak due to monetary policy, stalled reforms and electricity shortages and these factors, along with fiscal and inflation concerns, cut into investment activity.

India’s economic growth rate in 2011-12 fell to a 9 year low of 6.5%. The economy had expanded by 8.4% in the preceding 2 years. The report said, "Growth in South Asia slowed to 7.1% in 2011, from 8.6% in 2010, as headwinds from the Euro Area crisis caused a steep deceleration in exports and a reversal of portfolio inflows."

The World Bank expects the global economy to expand 2.5% this year. They have also said that developing nations should prepare for a long period of volatility in the global economy by re-emphasising on medium term development strategies. "Developing country growth will slow to a relatively weak 5.3% in 2012, before strengthening somewhat to 5.9% in 2013 and six per cent in 2014," it said. Having said this, the World Bank pointed out that if the situation in Europe deteriorates sharply, no developing region would be spared.

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