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Govt,RBI working to revive growth: Official

The government expects growth in the Indian economy to slow to 7.1 per cent in 2008/09.

Written by Reuters | New Delhi |
March 27, 2009 1:45:19 pm

The government and RBI will continue to take measures to revive growth,Economic Affairs Secretary Ashok Chawla said on Friday.

The government expects growth in the Indian economy,Asia’s third-largest,to slow to 7.1 per cent in 2008/09 and analysts say it could head lower in 2009/10.

The Reserve Bank of India has slashed interest rates since mid-October,and the government has cut duties and taxes and introduced stimulus packages to shore up activity.

Reserve Bank of India Governor Duvvuri Subbarao said on Wednesday that further fiscal stimulus would carry a cost.

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