The economy could expand between 6% and 7% in the year to March 2010, despite a bad monsoon, the Finance Minister said on Saturday. Speaking in the Sri Lankan capital Colombo, Pranab Mukherjee said there were risks to an early global economic recovery and signs of asset price bubbles were re-emerging.
"Overall, the economic growth is expected to be in the range of 6-7% in 2009-10, despite the setback due to a poor monsoon," Mukherjee said. The remarks were made available via a government email sent to journalists in New Delhi.
The growth rate in Asia's third largest economy fell to 5.8% in each of the December and March quarters as the global slowdown trimmed factory output and slashed exports. The economy grew 6.7% in 2008-09 (April-March), slowing from 9% or more in the previous three years.
The economy could expand between 6% and 7% in the year to March 2010, despite a bad monsoon, the Finance Minister said on Saturday. Speaking in the Sri Lankan capital Colombo, Pranab Mukherjee said there were risks to an early global economic recovery and signs of asset price bubbles were re-emerging.
