UN Report – India’s Economy To Grow 7.5%

11 May 2012 20:00 - Victoria Wedderburn

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UN Report – India’s Economy To Grow 7.5%

A United Nation report has said that India is expected to see a growth of 7.5% this fiscal year despite most of the Asia-Pacific economies likely to expand at a slower pace. The report said there were indications that India’s economy is turning around as core sectors, including manufacturing, show signs of recovery. Commission for Asia and Pacific, UNESCAP, Chief Economist Nagesh Kumar said “The Indian economy’s strong fundamentals, namely high saving and rapidly expanding labour force and middle class will ensure a steady economic performance...We expect it to expand by about 7.5% in 2012-13.” The growth estimate in the current fiscal year is higher than the estimated 6.9% growth in the last fiscal year. The Indian government has projected a 7.6% growth for India’s economy.

The UNESCAP report did say that weaknesses of major developed economies pose a major threat on the growth of the Asia-Pacific region, which could drop to 6.5% in 2012, from 7% in 2011. Noeleen Heyzer, United Nations Under Secretary General said, “The higher cost of capital and reduced demand for regional export, combined with loose monetary policies and trade protection measures of some advanced economies, contributes to this slowing of Asia-Pacific growth in 2012.”

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