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More jobs, higher returns on investment, greater opportunities. This is the implication of the 9.4 per cent growth projection for India during January to December 2010 by the International Monetary Fund (IMF). This projection is more than double the worlds growth rate of 4.6 per cent. Higher than the Reserve Bank of Indias 8 per cent and the governments 8.5 per cent projections, this growth would be buoyed by healthy profits of corporations that go ahead with their expansions to meet rising domestic demand, the IMF said on Thursday.
Indias projection is second only to Chinas 10.5 per cent. The Asian duo will lead the global recovery that has been battered by two years of economic crisis, the global lender said in its latest World Economic Outlook.
The forecasters have upped Indias growth projections, which reflects the economys resilience, said D.K. Joshi, principal economist, CRISIL. Though the job market may not look up immediately, the high growth will surely act as a magnet for investors.
But the going is not going to be easy. While we remain cautiously optimistic about the pace of recovery, there are dangers ahead, said Olivier Blanchard, the IMFs chief economist. How Europe deals with fiscal and financial problems, how advanced countries proceed with fiscal consolidation, and how emerging market countries rebalance their economies, will determine the outcome.
In India, growth is expected to accelerate to about 9.4 per cent in 2010, as robust corporate profits and favourable financing conditions fuel investment, and then to settle to about 8.5 per cent in 2011, the IMF said.
Indias economy grew 7.4 per cent during 2009-10, aided by a sharp rebound in industry and services and a better-than-expected agricultural output.
A slew of recent data releases confirmed IMFs optimism.
The countrys industrial output grew by 17.6 per cent. Capital goods output have recorded healthy growth in the last few months mirroring rising investment activity.
India growing at 9.4%, says IMF - Hindustan Times
South Asian Media Net
Indias projection is second only to Chinas 10.5 per cent. The Asian duo will lead the global recovery that has been battered by two years of economic crisis, the global lender said in its latest World Economic Outlook.
The forecasters have upped Indias growth projections, which reflects the economys resilience, said D.K. Joshi, principal economist, CRISIL. Though the job market may not look up immediately, the high growth will surely act as a magnet for investors.
But the going is not going to be easy. While we remain cautiously optimistic about the pace of recovery, there are dangers ahead, said Olivier Blanchard, the IMFs chief economist. How Europe deals with fiscal and financial problems, how advanced countries proceed with fiscal consolidation, and how emerging market countries rebalance their economies, will determine the outcome.
In India, growth is expected to accelerate to about 9.4 per cent in 2010, as robust corporate profits and favourable financing conditions fuel investment, and then to settle to about 8.5 per cent in 2011, the IMF said.
Indias economy grew 7.4 per cent during 2009-10, aided by a sharp rebound in industry and services and a better-than-expected agricultural output.
A slew of recent data releases confirmed IMFs optimism.
The countrys industrial output grew by 17.6 per cent. Capital goods output have recorded healthy growth in the last few months mirroring rising investment activity.
India growing at 9.4%, says IMF - Hindustan Times
South Asian Media Net
