IIP figure in line with eco survey projections: CEA
The International Monetary Fund (IMF) projected India's growth at 5.4 per cent for 2009, while the World Bank estimate is at 5.1 per cent for 2009-10.
By PTI |
NEW DELHI: Chief Economic Adviser Arvind Virmani today said India's growth projections by international financial institutions are too low and asserted that industrial growth of 2.7 per cent in May is in line with the estimate of seven per cent this fiscal.
Industrial growth figure of 2.7 per cent in May is in line with seven per cent growth (plus-minus 0.75 per cent) for the current fiscal, projected by the Economic Survey with some riders, Virmani, the principal author of the pre-Budget document, said.
The International Monetary Fund (IMF) projected India's growth at 5.4 per cent for 2009, while the World Bank estimate is at 5.1 per cent for 2009-10.
"Overall IIP growth is very much consistent and supportive of our projections...international financial institutions like World Bank and IMF are still way too low," Virmani said.
The IMF had recently scaled up India's growth projections to 5.4 per cent in the calendar year 2009 from its earlier projections of 4.5 per cent.
The CEA said even after revision, the growth projections are lower than the lower range of Economic Survey's projection at 6.25 per cent.
IMF growth forecasts are for the calendar year 2009 and Economic Survey's projections are for 2009-10, but they could roughly be compared.
In fact, the first three month of this calendar year has given India a growth rate of 5.8 per cent, somewhat higher than IMF projections.
Industrial growth figure of 2.7 per cent in May is in line with seven per cent growth (plus-minus 0.75 per cent) for the current fiscal, projected by the Economic Survey with some riders, Virmani, the principal author of the pre-Budget document, said.
The International Monetary Fund (IMF) projected India's growth at 5.4 per cent for 2009, while the World Bank estimate is at 5.1 per cent for 2009-10.
"Overall IIP growth is very much consistent and supportive of our projections...international financial institutions like World Bank and IMF are still way too low," Virmani said.
The IMF had recently scaled up India's growth projections to 5.4 per cent in the calendar year 2009 from its earlier projections of 4.5 per cent.
The CEA said even after revision, the growth projections are lower than the lower range of Economic Survey's projection at 6.25 per cent.
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IMF growth forecasts are for the calendar year 2009 and Economic Survey's projections are for 2009-10, but they could roughly be compared.
In fact, the first three month of this calendar year has given India a growth rate of 5.8 per cent, somewhat higher than IMF projections.
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