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India's GDP to grow by 6.6% in FY10: CMIE

Source: PTI
June 15, 2009 19:19 IST
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Despite falling exports, the Indian economy would grow by 6.6 per cent in the current fiscal on the back of strong domestic market and resilience, economic think-tank CMIE said.

However, the economy is likely to bounce back to 9 per cent growth path by 2010-11 when the impact of poor exports demand is overcome.

"Growth during 2009-10 will be a combination of two very divergent storiesÂ…In 2009-10, real GDP will grow by a tepid 6.6 per cent," Centre for Monitoring Indian Economy said in its monthly review of June.

The divergence relate to the resilience and handsome growth of domestic markets and to the falling international demand which is adversely affecting India's exports, trade, transport and export oriented industries, it said.

Though export accounts for 13 per cent of India's GDP, the effect on the trade and transport sectors would have a "significant impact on India's GDP computations in 2009-10".

Trade and transport sectors have a cumulative 20 per cent share on the GDP.

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