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GDP to grow 8.1% in 2011,second only to China,says UNCTAD

India is likely to see a growth rate of 8.1 per cent in 2011,driven mainly by robust domestic consumption and investment.

Written by ENS Economic Bureau | New Delhi |
September 7, 2011 1:46:51 am

India is likely to see a growth rate of 8.1 per cent in 2011,driven mainly by robust domestic consumption and investment. This will be second only to China,which is expected to grow at 9.4 per cent during 2011,a UN agency today said.

According to Trade and Development Report 2011 released by the United Nations Conference on Trade and Development (UNCTAD),Indian economy will grow by 8.1 per cent in 2011 as against 8.6 per cent in 2010,even though growth rates in developing countries are expected to slowdown in 2011.

India would be next to only China,which is projected to record a growth rate of 9.4 per cent in 2011 as against 10.3 per cent in 2010.

“In South Asia,India continues to pursue rapid economic growth (close to 8 per cent),based mainly on strong domestic consumption and investment,but also on the positive contribution of net exports. A good winter harvest added to domestic activity,which remained solid,” the report said. The UN agency added that other countries in the region are also experiencing growth,but at slower rates,mainly due to domestic demand.

“However,they must face financial instability and speculative capital flows generated in developed economies and would not be spared by a new recession in the North,” the report said.

All the same,UNCTAD’s forecast for India in 2011 is lower than both the International Monetary Fund’s (IMF) and ADB forecast of 8.2 per cent growth.

Earlier,in June,the World Bank had said Indian economy would expand by 8 per cent in 2011-12. The government expects the Indian economy to grow by around 8.5 per cent in 2011-12,while the RBI has projected the GDP growth of 8 per cent this fiscal.

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