Chetan Ahya of Morgan Stanley said he saw India's FY09 gross domestic product (GDP) growth at 4.3% on the back of weaker domestic and external demand. He however said the GDP growth estimate excluded agriculture growth. “We do not expect a strong economic recovery. FY10 GDP growth is seen at 4.6% — the lowest since FY92,” he said.
Ahya added that the 2009 average industrial production was seen at 1.5%. “Industrial production is unlikely to cross 7% in 2009,” he said. He added that non-performing loans could rise to 6% by FY10, and would make banks more risk averse.
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(source:moneycontrol)
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