May 14, 2009

India’s 10-year growth estimate lowered

India's central bank in its latest survey lowered the country's estimated growth rate for the next 10 years to 7.5 percent a year from an earlier 8.8 percent.

For the next 10 years, GDP is expected to grow at 7.5 percent, revised downwards from 8.8 percent in the last survey, the Reserve Bank of India said in its survey conducted every quarter of major macroeconomic indicators, the Press Trust of India reported.

The bank noted the numbers in the survey were those of responding forecasters and did not reflect its own views or forecasts, the report said.

The survey already has lowered its growth estimate for this fiscal year to 6.6 per cent from its earlier 6.8 per cent. The forecast for next fiscal is 5.7 per cent, down from 6 per cent.