India’s growth to fall further: Economist Group

August 31st, 2009 NEW DELHI - The following are some comments by experts and representatives of Indian industry on India's gross domestic product (GDP) during the first quarter of this fiscal, which expanded 6.1 percent: Montek Singh Ahluwalia, Deputy Chairman, Planning Commission: It is consistent with what we have been maintaining. This definitely shows the worst is finally over.

August 13th, 2009 NEW DELHI - Global rating agency Standard & Poor's (S&P) Thursday raised India's growth forecast for the current fiscal from 5.8 percent to 6.3 percent taking into account the improving performance of the industrial sector. "If yesterday's number (industrial production figures released Wednesday) is anything to go by, credit offtake in the coming days would be much better than we have anticipated earlier," said Subir Gokarn, chief economist at the Indian arm of S&P.

August 12th, 2009 NEW DELHI - Further signs of recovery in India's industrial sector emerged Wednesday with the latest official data indicating a 7.8 percent growth in June over the like month the previous year. Notably, the manufacturing output rose 7.3 percent during the month, as per the data on the index of industrial production released by the Central Statistical Organisation here.

July 10th, 2009 NEW DELHI - India's infrastructure development is likely to be one of the key drivers of industrial activity, which will see an upturn in a few months, the research arm of Moody's said Friday. Indias industrial performance thus far in the financial year has been stronger than expected.

July 2nd, 2009 NEW DELHI - The automotive industry in India grew at a computed annual growth rate (CAGR) of 11.5 percent over the past five years, the Economic Survey 2008-09 tabled in parliament Thursday said. The industry has a strong multiplier effect on the economy due to its deep forward and backward linkages with several key segments of the economy, a finance ministry statement said.

June 12th, 2009 NEW DELHI - India's industrial output grew 1.4 percent in April as against a decline of 0.75 percent in March, in what analysts said can be taken as early signs of recovery. Data on index of industrial production (IIP) released by the commerce ministry Friday showed that the growth also came after two successive months of decline and was led mainly by a 7.1 percent increase in electricity generation.

May 12th, 2009 NEW DELHI - India's industrial output fell for the third consecutive month in March by a steep 2.3 percent compared to the corresponding month last year, according to government data released Tuesday. This was the third fall in four months.

April 9th, 2009 NEW DELHI - India's industrial output fell 1.2 percent in February against a growth of 9.5 percent in the like month of last fiscal, while the provisional drop reported for January has been revised now to a marginal growth of 0.39 percent. As per data on index for industrial production (IIP) released Thursday, manufacturing output, which accounts for the bulk of the weight in the overall index, declined 1.4 percent in February, against 9.6 percent growth in the like month of last year.

March 27th, 2009 NEW DELHI - The tough economic condition will prevail, restricting India's economic growth to 6.3 percent this fiscal and 5 percent in the next financial year, and forcing the central bank to cut repo rate by 4 percent, the economic arm of Moody's predicted in a statement Friday. 'Moody's Economy.com foresees tough economic conditions in India for the rest of 2009.

March 5th, 2009 NEW DELHI - India's annual rate of inflation fell to 3.03 percent for the week ended Feb 21 from 3.36 percent the week before, official data showed Thursday. It was the fifth consecutive week during which the inflation rate fell, to a six-year low.

February 27th, 2009 NEW DELHI - The fears of a sharp slowdown in India were confirmed Friday, with official data showing economic growth at just 5.3 percent for the third quarter of the current fiscal - the slowest since 2003 - against 8.9 percent in the like period the previous year. The growth in gross domestic product (GDP) has dipped from 7.6 percent for the second quarter and 7.9 percent for the first quarter, showed statistics released by the Central Statistical Organisation (CSO).

February 27th, 2009 NEW DELHI - The growth of India's gross domestic product (GDP) dropped to 5.3 percent in the third quarter ending Dec 31 last year, compared to a growth of 8.9 percent in the same period the previous year. The economy, usually equated to the GDP, had grown by 7.6 percent in the second quarter of this fiscal.

February 8th, 2009 NEW DELHI - The Indian economy is expected to log its lowest growth in six years and fall to 7.1 percent for the current fiscal, against 9 percent in the previous year, as per official projections on national income released here Monday. The estimates, compiled by the Central Statistical Organisation, said growth figures for all the three main components of the national income, namely agriculture, manufacturing and services, were expected to fall during the current fiscal.

January 22nd, 2009 NEW DELHI - The Prime Minister's Economic Advisory Council Friday lowered India's growth forecast for the current fiscal to 7.1 percent, against its earlier prediction of 7.7 percent, on account of the impact of the global meltdown. The council, headed by economist Suresh Tendulkar, also told a press conference here that it expected the country's gross domestic product (GDP) to expand by 7-7.5 percent during the next fiscal, Prime Minister Manmohan Singh had himself lowered his growth forecast for fiscal 2008-09 to 6.5-7 percent, saying the period of hardship was not yet over for the Indian economy and that it would continue next year.

January 4th, 2009 LONDON - Indian-born industrialist Swraj Paul said Monday that India's economic growth rate may fall below five percent, with grave implications for its poor. 'My view is that we may not even see five, five-and-a-half percent.