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Economy not to grow above 6% in 08-09: Yashwant Sinha

Source: PTI
December 23, 2008 15:59 IST
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Former finance minister and BJP leader Yashwant Sinha said the country's economy will grow at 6 per cent even as the government has pegged the growth rate at 7 per cent in its mid-year economic review tabled in Parliament on Tuesday.

"We will not see a growth rate higher than 6 per cent in 2008-09," Sinha said.

Various government agencies have predicted that the economy would grow at 7 per cent or above while the Prime Minister's Economic Advisory Council is expected to review the economic growth forecast of 8 per cent.

The global financial turmoil, Sinha said, is having an adverse impact on India as seen from what's happening in the financial sector, export sector and external sector.

It is wrong to say that India is delinked from the global financial turmoil, according to Sinha. It is very directly linked, he said.

He also pointed out that the global crisis is going to last longer than what is being anticipated by experts.

The mid-year review of the economy tabled in Parliament on Tuesday said that the country should be prepared for
a growth rate of around 7 per cent in 2008-09.

While the review said that like many other emerging economies India will also witness a slowdown, the many strengths the country has will help it tide over the crisis better than other economies, it added.

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