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ASSOCHAM projects 7.6% GDP for fiscal 2009
by Jenny HodgeIndia’s apex business body, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has revised India’s GDP growth for the fiscal 2009. A recent survey conducted by the ASSOCHAM Business Barometer (ABB) do not expect GDP growth to surpass 7.6 per cent rate.
A majority of 77 per cent of the 350 CEOs surveyed by the ABB, has revised its April GDP projections from 7.9 per cent to further southwards at 7.6 per cent, as double digit inflation coupled with tight monetary policy is pinching the industrial units due to increased interest and input costs.
The CEOs fear that, RBI may take further steps with revision in interest rate if domestic inflation continues to remain in double digit.
The ABB found that industry leaders fear that economic growth may moderate in view of rising prices of fuel and manufactured goods, reduced consumer demand, global economic slowdown and negative sentiments in stock markets.
Sixty five per cent of the business heads felt the economy is double hit with high inflationary pressures caused due simultaneously rising energy and commodity prices and tightening money situation.
Mr. Sajjan Jindal, President ASSOCHAM, said that overall growth in the GDP would have been even lower had agriculture and export driven sectors not been registering impressive growth, which will also show a decent performance of the economy at 7.6 per cent for FY ’09.
Source : http://www.assocham.org/prels/shownews.php?id=1613
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