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CEOs see Indian economy growing at 7.1% in FY09 - survey

CEOs see Indian economy growing at 7.1% in FY09 - survey
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First Published: Tue, Dec 30 2008. 02 20 PM IST
Updated: Tue, Dec 30 2008. 02 20 PM IST
New Delhi: The Indian economy is likely to grow by 7.1% in 2008/09, slower than 9% the previous year, as the global downturn and high borrowing costs trim demand, a survey of chief executives showed on Tuesday.
The survey on 250 CEOs conducted by the industry body Associated Chambers of Commerce and Industry (ASSOCHAM) also said growth could further slide to 6.5 % in FY10 as the global economic situation worsens.
The government needs to provide another “strong fiscal stimulus” to lift growth even if it widens the fiscal deficit gap, the survey said, while revising downwards the forecast to 7.1% from 7.6% estimated in July.
Earlier this month, the federal government announced a Rs200 billion extra spending plan, cut factory gate duty rates by 4% on a wide range of manufactured goods and reduced state-set fuel prices to revive sagging growth.
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First Published: Tue, Dec 30 2008. 02 20 PM IST