Indian economic growth is expected to pick up faster than the rest of the world according to reports by the Reserve Bank of India (RBI).
In an interview with BBC World, RBI Governor Duvvuri Subbarao said the Indian economy could be an engine for global growth when the recovery begins.
“India can be a growth engine. Not that India can recover ahead of the world. But when recovery starts, India’s recovery is going to be sharp and rapid,” Subbarao said.
The Indian economy has slowed sharply as exports were hit and consumer sentiment was dented. It is expected to expand at a six-year low of 7.1 percent from an average rate of around 9 percent in the last three years.
Subbarao said India’s financial sector remains sound, safe and well capitalized and this was because of prudent policy actions taken by the government and the central bank.
Tags: Duvvuri Subbarao, Indian Economy, RBI, Reserve Bank of India
March 19th, 2009 at 3:26 am
Yes it is true that Indian economic growth is expected to pick up faster than the rest of the world. The reason, local conditions were not as bad as were in other countries. People were more conscious to save rather than to take loan for luxury needs.