On April 6, 2011, the Asian Development Bank (ADB) scaled down India's economic growth to 8.2 per cent for the current fiscal from its earlier estimate of 8.7 per cent projected in September last year.
In its flagship annual economic publication ‘Asian Development Outlook 2011' (ADO 2011) released here, the ADB has estimated India's gross domestic product (GDP) to expand by 8.2 per cent in 2011-12, down from an estimated growth rate of 8.6 per cent for the previous fiscal.
For 2012-13, the multilateral lending agency projected a bounce-back in growth to 8.8 per cent with a pick-up in investment and overall economic activity and as planned reforms move forward.
The report noted that while improved agricultural output, strong private consumption, robust investment, and a pick-up in exports supported growth in 2010-11, continued inflationary pressure, a pull-back in private investment and structural obstacles present challenges going forward.
Fiscal and monetary policies will also remain less accommodating than in the past as the government follows its fiscal consolidation roadmap and the RBI acts to anchor inflation expectations
The ADB pointed out that concerns over high food prices will now shift focus to oil and with soaring international oil prices putting pressure on inflation, the impact of rising prices will be on manufacturing items which will prompt the RBI to continue with its tight monetary policy stance.
It expects inflation to be around 7.8 per cent in the current fiscal and at about 6.5 per cent in 2012-13. Last Update Thursday 7th April 2011
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