India Economy Will Expand 4-6% In FY09: ICRIER Prof

Friday, May 22, 2009

TOKYO (Nikkei)--India's economy will likely grow 4-6% in real terms in the fiscal year through March, said eminent Indian economist Shankar Acharya during a panel discussion at the annual Future of Asia forum here Thursday.

The projection by Acharya -- an honorary professor at the Indian Council for Research on International Economic Relations (ICRIER)-- is more conservative than the roughly 6% growth forecast in April by the Reserve Bank of India, where he serves on the advisory committee on monetary policy.

Acharya said capital inflows have fallen sharply amid the global economic crisis, and that Indian merchandise exports dropped 25% on the year during the January-March quarter.

He estimated economic growth for the three months ended March at around 5.3%, unchanged from the previous quarter.

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.