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DRESDNER FORECASTS INDIA'S GROWTH TO DROP TO 7.5 PCT THIS FY.
NEW DELHI, July 1 Asia Pulse - Soaring inflation and high interest rates are expected to take a toll on the Indian economy, which is expected to witness a growth rate of 7.5 per cent this financial year against 9 per cent in 2007-08, according to Germany-based Dresdner Bank.
"For this fiscal year, we now expect GDP growth of only 7.5 per cent," Dresdner Bank, the banking arm of global insurance major Allianz group said, pointing out that Indian economy has lost further momentum this year with production growth slowing substantially in the first four months of 2008.
Dresdner's projections are much lower than the Finance Ministry's expectations of 8-8.5 per cent GDP growth.
The present UPA government has recorded an average 8.9 per cent growth during the first four years of its rule. The country's GDP growth stood at 9 per cent in the last fiscal, compared to 9.6 per cent in the previous fiscal.
India's Planning ...
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Source: HighBeam Research, DRESDNER FORECASTS INDIA'S GROWTH TO DROP TO 7.5 PCT THIS FY.