India's economy 'to grow 8% in the next fiscal year'

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India's economy 'to grow 8% in the next fiscal year'

09 Feb 2010

India's economy is set to grow by around eight per cent in the next fiscal year, it has been forecast.

Data released by the Central Statistical Organisation in the country has predicted that growth rates for this fiscal year, which ends in March, will stand at 7.2 per cent.

Analysts expect that trend to continue in the following 12 months, with both Morgan Stanley and Citigroup predicting economic growth of eight per cent or more during the period.

Chetan Ahya, an economist at Morgan Stanley, told the Financial Times: "In 2011, even as the policymakers gradually withdraw the monetary and fiscal policy support, we expect the recovery trend to be sustained."

Earlier this month, Shashi Tharoor, minister for external affairs, encouraged investors from the Middle East to consider putting money into India.

He stated that the wealth of many companies and individuals in that region, combined with the opportunities offered in India, made such investment a mutually beneficial idea, reported Asian News International.

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