RBI chief says to consider advance GDP when framing policy
GUWAHATI (Reuters) - Reserve Bank of India Governor Duvvuri Subbarao said the central bank will take Thursday's advance numbers for fiscal year economic growth into account while framing monetary policy for its next review in March.
India's gross domestic product (GDP) is estimated to grow an annual 5.0 percent in the 2012/13 fiscal year, the government said on Thursday, signalling that the worst economic slump in a decade could be far deeper than earlier anticipated.
The RBI had revised the economy's growth to 5.5 percent for the financial year ending in March from its previous estimate of 5.8 percent.
The central bank governor also said he is looking forward to the upcoming budget for the fiscal 2013/14 year to get a better sense of the government's fiscal consolidation plans.
(Reporting by Shamik Paul; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- UPDATE 1-Microsoft lays off 2,100, axes Silicon Valley research
- UPDATE 4-JetBlue flight makes emergency landing at California airport, 4 hurt
- Eight bodies found after attack on Guinea Ebola education team
- UPDATE 2-Two small Russian banks taken off Canada sanctions list
- Scots independence polls close, UK's future in the balance
China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow
Obama to nominate Indian-American Richard Verma as India ambassador - congressional source. Full Article