‘India to record economic growth rate of 7.3-7.8% in 2008′

by Dave

The global recessionary environment does little to dampen India’s domestic demand for goods and services.
Business Standard

Playing a major role in dispelling the financial gloom in the Asia-Pacific region, India will record an economic growth rate of 7.3-7.8 per cent in 2008, global rating agency Standard and Poor’s (S&P) said today.

“Factors such as intraregional trade, supportive policymaking, and still-robust forecasts for China and India will help the region navigate the global storm,” said the S&P ‘Asia Pacific Market Outlook’ report.

It said growth rate is likely to be lower at 6.5-7.0 per cent in 2009, compared to 7.3-7.8 per cent this year.

Further, the report highlighted that India and China, the region’s main growth drivers will record highest growth in the region and help the APAC economy to grow.

“That regional growth drivers such as strong domestic demand in China and India and the supportive monetary policy stances of the regions governments will enable most economies to experience positive, albeit slowing, growth in 2009,” said the report.