News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Home  » Business » Next fiscal to be more challenging: RBI

Next fiscal to be more challenging: RBI

Source: PTI
March 26, 2009 18:00 IST
Get Rediff News in your Inbox:
Reserve Bank Governor D Subbarao on Thursday said the next fiscal is going to be more challenging than the current fiscal as the moderation in India's economic growth is likely to be worse than expected earlier.

The RBI Governor, however, also said that once the global economic crisis is over, India's economic growth will be "steeper and swifter" than the rest of the world.

"We believe that growth moderation might be steeper than we had thought earlier. I believe 2009-10 is going to be a more challenging year than 2008-09," Subbarao said at a conference organised by Confederation of Indian Industry.

While describing decline in inflation to 0.27 per cent in the second week of March as a positive feature, the Governor sought to allay the fears of India slipping into deep deflationary cycle.

"CPI (Consumer Price Index) is still elevated. There are four indices of CPI. Some of them are still in double digits. Our own view is...there is no fear of sustained deflation in India," he added.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!