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Economy
GDP expected to grow by 6-7 pc, says Lahiri
Our Bureau
Dr Ashok Lahiri, Chief Economic Advisor, Ministry of Finance, flanked by Mr Onkar S. Kanwar (left), Senior Vice-President, FICCI, and Mr Sudhir Jalan, President, ICC India, at a panel discussion in New Delhi on Monday. — Kamal Narang
New Delhi
,
Sept. 27
THE gross domestic product (GDP) is expected to grow by between 6-7 per cent in the current fiscal (2004-05), a top Finance Ministry official has said. The country's GDP expanded by 8.2 per cent last fiscal.
Speaking at a panel discussion on `Revival of the Global Economy and the Lurking Dangers: Implications for India', Dr Ashok Lahiri, Chief Economic Advisor, Ministry of Finance, also said that he expects industry and services output to grow by 8 per cent this year.
He, however, declined to comment on the expected agricultural growth for the current fiscal.
The panel discussion was organised by International Chamber of Commerce (ICC) India.
On inflation, Dr Lahiri said that both the Government and the Reserve Bank of India are focused on the problem of inflation.
"Given that Indians do not like high inflation, I don't think the Government or the RBI will sit idle. The RBI will not like the inflation rate to get out of control", Dr Lahiri said.
He also held that any further increase in international interest rates would be "unfortunate", especially for India, as such movements tend to divert fund flows away from emerging markets to developed countries.
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