S&P sees India FY09 GDP growth slowing to 7.8% from 9.0% yr ago
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K.Karthik Raja
Jun 26, 2008, 5:01:46 AM6/26/08
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S&P sees India FY09 GDP growth slowing to 7.8% from 9.0% yr ago
Thursday, Jun 26
Standard and Poor's today said the Indian economy is likely to
expand at 7.8% in the current financial year to March, down from 9.0%
in the previous year, as high oil prices, firm input costs, and rising
interest rates are seen impeding growth.
The global ratings major expects India's inflation rate to average
8.5-9.0% in 2008-09. The headline inflation rate had hit a 13-year-
high of 11.05% for the week ended Jun 7, pushed up by the hike in
prices of auto fuels and cooking gas.
"Food price scenarios have improved somewhat. However, high oil
prices,strong input costs, and a depreciating rupee continue to
exacerbate inflationary and other pressures. High interest rates,
along with a slowing global economy, will trim GDP growth to 7.8% in
2008-09," S&P said.
Thursday, Jun 26
Standard and Poor's today said the Indian economy is likely to
expand at 7.8% in the current financial year to March, down from 9.0%
in the previous year, as high oil prices, firm input costs, and rising
interest rates are seen impeding growth.
The global ratings major expects India's inflation rate to average
8.5-9.0% in 2008-09. The headline inflation rate had hit a 13-year-
high of 11.05% for the week ended Jun 7, pushed up by the hike in
prices of auto fuels and cooking gas.
"Food price scenarios have improved somewhat. However, high oil
prices,strong input costs, and a depreciating rupee continue to
exacerbate inflationary and other pressures. High interest rates,
along with a slowing global economy, will trim GDP growth to 7.8% in
2008-09," S&P said.
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