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India’s FY09 growth seen around 8%

India’s FY09 growth seen around 8%
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First Published: Thu, Aug 21 2008. 10 30 AM IST
Updated: Thu, Aug 21 2008. 10 30 AM IST
By Reuters
New Delhi: India’s economy is likely to expand around 8% in the year to March 2009, but 9-10% growth in the medium term is “achievable”, the deputy chief of India’s planning panel said on Thursday.
“We are targeting 9% growth, getting up to 10%. It may look ambitious with the global economic slowdown. But in the medium term, it is achievable,” Montek Singh Ahluwalia told reporters.
India’s central bank expects growth in 2008/09 to slow to 8% from the 9.1% expansion notched in 2007/08.
Asked about the implications of the government’s decision to hike salaries of federal employees, Montek said: “I am sure we will be able to handle that.”
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First Published: Thu, Aug 21 2008. 10 30 AM IST