Indian Economy according to Rangarajan
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Home / State News / 2009 / November 2009 / November 19, 2009
Indian Economy will pick up next year, says C Rangarajan
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Indian Economy will pick up next year, says C Rangarajan

Says India did not have recession


C Rangarajan, Chairman of Economic Advisory Council to the Prime Minister while delivering the Burgula Ramakrishna Rao endowment lecture at Osmania University on Thursday said that he expected that Indian economy to pick up next year at the back of significant growth rate in industrial sector in the second half of this year. He said that the growth rate was expected to be 6.5percent at the end of the current financial year and could touch 8 percent next year.

He said India escaped direct impact of recession because its banks were not exposed to toxic agents that affected the disease elsewhere in the world. In fact, the country did not have recession. It only had slowdown in growth due to decline in production. The country's agricultural gross domestic produce will decline by two percent during the year but it will be compensated by growth in industrial and service sectors.

He lauded the extraordinary measures taken by the Central Government to offset events of financial collapse in the developed collapse in the developed West. However, they would have to be slowly withdrawn depending on how fast world economy grew. The world economy had started recovering and the current year will show positive signals. In that case, there was a possibility of the Central Government withdrawing the steps next year. He said that a major concern for the policy makers in the country this year was the substantial increase in food prices. He added that the prices of rice, pulses and sugar have experienced a sharp increase in prices and the weak monsoon and deficient prospects for Kharif production.

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