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Don't draw unwarranted conclusions, PM tells
rating agencies
Saturday August 11, 2012 02:56:57 PM,
IANS
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Related Article |
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Crisil cuts India's growth forecast to 5.5
percent
Research and
ratings agency Crisil Tuesday cut India's economic growth forecast
to 5.5 percent for the 2012-13 financial year from its earlier
estimate of 6.5 percent, citing deficient monsoon and worsening Eurozone crisis.
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New Delhi:
Prime Minister Manmohan Singh Saturday took international rating
agencies to task for cutting India's growth forecast and asserted
that the fundamentals of the economy are strong.
"The fundamentals of the economy are strong. We have the highest
savings and investments rate in the world," said the prime
minister, adding that unwarranted conclusions should not be drawn
on the economy's growth prospects.
"We shouldn't draw unwarranted conclusions. This year we will see
better than 6.5 percent (GDP) growth of last year," Singh said on
the sidelines of the swearing-in ceremony of Vice President Hamid
Ansari at Rashtrapati Bhawan.
The prime minister was commenting on the global rating agencies
which recently cut India's growth forecast for 2012-13, citing
lack of policy reforms and slowdown in manufacturing and exports
and a below average monsoon.
Moody's said in a latest note Aug 8 that the slowdown has been
sharper and more broad-based than anticipated and is now deeply
entrenched across all sectors of the economy and cut the growth
rate to 5.5 percent.
India's economic growth slumped to nine-year low of 5.3 percent in
the quarter ended March. For 2011-12, India's GDP expanded by 6.5
percent, substantially down from 8.4 percent growth registered in
the previous year.
The government is aiming at around 7 percent growth, but the
Reserve Bank of India last week lowered the growth outlook to 6.5
percent for 2012-13.
The newly appointed Finance Minister P. Chidambaram has said the
government would necessary steps and remove hurdles in critical
sectors like power and transport that are impeding growth.
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