New Delhi: The Centre for Monitoring Indian Economy (CMIE) on Thursday trimmed its forecast on India’s gross domestic product growth in 2009-10 to 5.8% from 6.6% earlier on account of poor monsoon rains.
“While the Union Budget for 2009-10 is expansionary and conducive to growth, failure of monsoon and its significantly adverse impact on agriculture and industry will shave off 0.8 percentage points from the GDP growth rate,” the independent think tank said.
Wholesale prices fall for fifth week in a row
New Delhi: Wholesale prices fell for a fifth straight week even after an increase in fuel costs, allowing the central bank to keep interest rates low to support economic growth.
The benchmark Wholesale Price Index declined 1.21% in the week to 4 July from a year earlier after tumbling 1.55% in the previous week, the government said on Thursday. Prices plunged 1.61% in the first week of June, the biggest drop since December 1978, according to RBI data.