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MACHINIST - GDP to be 7 to 8% in 2008-09 - India's path to Recovery will be Faster

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GDP to be 7 to 8% in 2008-09 - India's path to Recovery will be Faster
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Written by Anand   
Friday, 30 January 2009

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Davos : Union Minister for Commerce & Industry, Kamal Nath has said that India's GDP would grow at a rate of 7 to 8% during 2008-09, despite a worldwide economic slow-down. Speaking at the Breakfast Session of Boston Consulting Group (BCG) on "Defying the downturn: How Rapidly Developing Economies are dealing with the Global Slowdown" at World Economic Forum in Davos , the Minister said that India's path to recovery will be faster than the rest of the world.

Kamal Nath said "India's growth story is based on domestic demand. It is not based on the export market entirely . we can continue to keep our domestic demand-driven growth."

He said, the Union Government has announced a US $ 4 billion stimulus package for the infrastructure sector and this is going to drive the demand.

“For example, after industrial downturn in October 2008, the November 2008 figure was positive at 2.4%. The financial situation has eased somewhat and liquidity is accessible in the domestic markets. I would like to point out here that India is still a low-cost high quality competitive manufacturing environment, and with falling shipping rates, it may be more cost effective to set up production facilities in India”, he added. 

"FDI inflow has maintained its pace – with inflow of $ 19.7 billion during the period April – November 2008. Even during the period when financial crisis was playing out, an inflow of more than USD 1 billion took place in November 2008", he added.

Mr Kamal Nath however admitted that the world financial systems are interconnected and India cannot remain isolated or insulated from the global melt down , but said,  the fundamentals of Indian economy are quite strong to meet the challenges.

The Indian  economy, which grew by over 9 per cent in the last three financial years in a row, has shown signs of weakness in the current fiscal. The Reserve Bank of India has lowered the growth projection to 7 per cent for 2008-09 in the wake of slowdown in the world economy.

Underlining the measures taken by the Indian government to mitigate the effects of global economic crisis, Shri Kamal Nath said, “Interest rates have been reduced and cash reserve ratios have been lowered. The repo rate was reduced from 9% to 6.5%, while CRR came down from 9% to 5.5%. Term repo facility for an amount of $12 billion was instituted to ease liquidity stress faced by mutual funds and non banking financial companies. Provisioning requirements for reduced agricultural and SME loans. Excise rates have been slashed across the board. External borrowing limits have been raised and FII limits for corporate bonds have doubled. Tax-free infrastructure bonds have been announced to increase funds available for the sector. Fiscal measures worth $ 5 billion have been announced”.

 
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