NEW YORK - India will likely miss the central bank's 7 percent growth estimate for the current fiscal year as a result of the global economic crisis, governor Duvvuri Subbarao told Japan's Nikkei newspaper.
The next fiscal period of "2009-10 will be a more challenging year," Subbarao said in an interview published in the Nikkei's March 11 edition, adding that a "downward bias has materialized" for the economy.
Asia's third-largest economy expanded 5.3 percent in the December quarter from a year earlier, its slowest pace in almost six years. It had been growing at rates of 9 percent or higher in the past three fiscal years.
In the interview, Subbarao also said emerging economies should have a stronger voice in multilateral organizations such as the International Monetary Fund and the World Bank to "reflect the new realities of the global economy."
The governor will also propose coordinated supervision, regulation and rescue of financial institutions during the meeting of the Group of 20 emerging countries, which starts in London on Friday, the Nikkei said.
Wed Mar 11, 2009 4:05pm IST
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