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India's Economy To Grow Over 7% In 2010: OECD

The Organization of Economic Co-operation and Development or OECD projected India's economy to grow over 7% in 2010 and 7.5% in 2011.Its report said that India weathered the impact of the global economic crisis relatively well.

Following a slowdown by the end of last year, the country recovered during the first half of this year, and the latest high-frequency indicators seemed to show the recovery path. However, in the near term, the recovery would be somewhat hampered by inadequate rainfall.

The report cautioned that policy-makers were facing a challenge of the timing of the withdrawal of fiscal and monetary policy stimuli, as inflation posed a major pressure during the recovery. It also expressed concern over the large fiscal deficit that widened this year which was difficult to be managed, in view of its magnitude and the nature of recent high-spending.

by RTT Staff Writer

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