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GDP growth to moderate at 7.9% for fiscal 09
by Jo BlackThe Indian growth story is set to moderate with inflation and high interest rates impacting major industrial sectors and dampening consumer demand, according to 82 per cent of the CEOs surveyed by ASSOCHAM, who have stated the GDP growth figure may remain close to 7.9 per cent for the fiscal 2008-09.
The growth rate recorded by Gross Domestic Product (GDP) was 8.7 per cent for the previous fiscal. It may slip down to 7.9 per cent for 2008-09, according to ASSOCHAM Research Bureau Analysis based on the Survey from 217 CEOs under the banner of ASSOCHAM Business Barometer (ABB) across different segments of the economy.
Releasing the ASSOCHAM Survey, the Chamber’s President Mr. Venugopal N Dhoot said that 66 per cent of the ABB participants stated that US recession, domestic inflationary pressures, high interest rates and supply constraints have started hurting industrial growth and consumer demand that may further impact the GDP growth in the current fiscal.
Around 75 per cent of the corporate heads consider the challenges thrown by appreciating rupee and soaring prices of international crude oil and industrial metals may come in the way of sustaining high growth rates by the Indian economy.
While the overall growth rate in India’s exports seems to be healthy at 23 per cent in dollar terms for the period April-February 2007-08, slowdown in exports is visible in rupee terms with a meager 9 per cent growth.
Eighty three per cent of the corporate heads were of the view that in FY ‘09 it will be further difficult for the country to attain the export target of USD 200 billion due to appreciating rupee, global inflationary pressures and tough competition from China in capturing new markets.
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