Amarendu Nandy & Mukul G Asher
Indications are that the ongoing global financial and economic crisis is likely to be, as Prime Minister Manmohan Singh has said, “prolonged and severe.”
The current consensus is that the global growth in 2009 will be near zero; and many countries with over-reliance on external sector, particularly in East Asia, may experience negative growth.
The growth prospects in 2010 are also not encouraging. India’s growth rate estimates for 2008 and 2009 range from 5.5% to 7% with downside risk. This is much lower than the 8.8% annual growth the economy has seen over the past four years.
India is also not expected to reach the merchandise export target of $200 billion for 2008-09, and the next year will be even more challenging. Read more
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