By IANS,
Kolkata : India’s chief economic adviser Kaushik Basu expects a gross domestic product (GDP) growth of 7.5-7.8 percent this fiscal.
“Looking at the remarkable recovery of GDP in the last quarters, I see GDP growth in the range of 7.5-7.8 percent in 2009-10,” Basu said Friday at a conference on corporate governance organised by the Kolkata chapter of American Chamber of Commerce.
“In the second quarter, GDP growth was 7.9 percent,” he said, pointing out that in contrast, the third quarter last fiscal saw a GDP growth of 5.8 percent.
Basu said he expected GDP growth to get back to 9 percent in the last two quarters of 2010-11.
According to him, third quarter growth would ride on the performances by the services and manufacturing sectors, though agricultural growth would fall.
“We will be growing faster than China in four-five years,” he said, adding that India would soon see double-digit growth.
Basu also said stimulus packages for the corporate sector would be pulled back. “These can’t be continued for too long. But when and how is still on the table”.