World Bank forecasts 6-6.5 p.c. economic growth rate
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10/11/2004
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Hindu (New Delhi)
The World Bank today forecast that economic growth would range between 6 and 6.5 per cent during the current fiscal as against the Government target of 8 per cent. The bank's projection is in tune with the latest assessments made by the Reserve Bank of India and the private credit rating agencies such as ICRA which have downgraded the growth estimates for the year.According to the World Bank's Country Director, Michael Carter, low growth in the agriculture sector is the main reason for expecting an overall growth of 6-6.5 per cent during 2004-05. At the same time, he felt that the Indian economy had the potential to grow at 8 per cent in the long term if the government aggressively implemented reforms.