New Delhi: According to research firm, Dun & Bradstreet, India is likely to grow by 8 per cent in the financial year 2008-09, supported by strong growth during the April-August period. "We had, earlier, projected an eight per cent growth for the financial year 2009 and we maintain that. Though there has been a slated fall in the optimism level, the momentum of the first six months will see us through this fiscal," Dun & Bradstreet India, Chief Operating Officer, Kaushal Sampat revealed.
Sampat further added that though the current global financial crisis will affect the growth to some extent, India has the wherewithal and momentum to overcome the turmoil. He also said that foreign institutional investors (FIIs) have been withdrawing money from India as they were facing tremendous pressures back in their home countries and not because they do not believe in the India-growth story.
Though there are various factors such as global turmoil, liquidity pressure, constrained demand and volatility in the markets, the post-monsoon October-December quarter is normally considered to be a strong one and the festive season too adds to a more positive business outlook. Dun Bradstreet, in its latest report, also said that the composite business optimism index for Q4 2008 is at 138.9 points.
Earlier, a senior International Monetary Fund (IMF) official on October 8, 2008, too claimed, "there is some impact from tighter global liquidity conditions, but again we don't see major drag from this impact on India. Overall, we see the Indian economy continuing to perform well."
Disclaimer: This information has been collected through secondary research and www.indiansintokyo.com is not responsible for any errors in the same.
