New Delhi: India's economy will likely grow 7.6 per cent in the fiscal year 2012-13, Kaushik Basu, chief economic adviser in the Finance Ministry, said on Thursday. The economy probably grew 6.9 per cent in the previous fiscal year, its slowest in three years.
The International Monetary Fund (IMF) has pared India's economic growth projection to 6.9 per cent in 2012 from its January estimate of 7 per cent, the only emerging economy for which it has done so.
The Asian Development Bank recently said India’s growth will only marginally improve to 7 per cent in 2012-13 from 6.9 per cent a year ago. The Indian government has projected a growth rate of 7.6 per cent for the year to March 2013.
IMF increased world output growth projections by 0.2 percentage point to 3.5 per cent for the year. The outlook for the global economy is slowly improving but is still fragile, it said in its World Economic Outlook released on Tuesday.
According to Basu, there is a risk of another global economic crisis in 2014.
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