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India's Economic Growth at 9.7 Percent in 2010
Source: siliconindia.com
Source Date: Wednesday, October 06, 2010
Focus: Citizen Engagement, Institution and HR Management
Country: India
Created: Oct 10, 2010

Indian economy will grow by 9.7 percent in 2010 and 8.4 percent in the next fiscal year. The International Monetary Fund projected this growth based on India's growth in emerging Asia's economic standards.

However, neighbouring China is expected to grow at an even faster rate of 10.5 percent in 2010 and and 9.6 percent in 2011, driven by domestic demand, the IMF said in its latest World Economic Outlook report.

Advanced economies, on the other hand, are projected to grow by just 2.7 percent in 2010 and 2.2 percent in 2011, the IMF report said, adding that global trade is forecast to expand by 4.8 percent in 2010 and 4.2 percent in 2011, with a temporary slowdown during the second half of 2010 and the first half of 2011.

"India's macroeconomic performance has been vigorous, with industrial production at a two-year high. Leading indicators, the production manufacturing index and measures of business and consumer confidence continue to point up," the IMF said.

"Growth is projected at 9.7 percent in 2010 and 8.4 percent in 2011, led increasingly by domestic demand. Robust corporate profits and favorable external financing will encourage investment," it said.

"Recent activity (10 percent year-over year growth in real GDP at market prices in the second quarter) was driven largely by investment and the contribution from net exports is projected to turn negative in 2011 as the strength in investment further boosts imports," the IMF said.

According to the World Economic Outlook report, growth in emerging Asia economies stands at about 9.5 percent, with robust demand from China, India, and Indonesia benefiting other Asian economies.

In China, a major fiscal stimulus, a large expansion of credit and a number of specific measures to boost household income and consumption increased domestic demand growth to almost 13 percent in 2009, contributing to a large decline in the current account surplus.

The recovery is now well established, and a transition from public stimulus to private-sector-led growth is underway, it said.

Latin America has also recovered strongly, with real GDP growth at about 7 percent.

The recovery in Latin America is being led by Brazil, where real GDP growth has been close to 10 percent since the third quarter of 2009 and the economy is now showing signs of overheating, the report said.
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