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Indian Prime Minister Manmohan Singh said that his country's economy will grow by 7% inthe current fiscal year which ends March 31 / March, is expected to increase the ratio to 9or 10% in the medium term. Singh added that despite the unfavorable economic environment in the world, the Indian economy will achieve 7%, adding that the main factor for growth is the high saving rate in the country.
He explained that the savings rate, which currently stands at between 33 and 35% of the gross domestic product will help facilitate the achievement of growth objectives.
It is noteworthy that there were expectations of India for the weak growth in the current fiscal year after 6.9% in the quarter, which ended in September / September, the lowest in two years.
Singh said that efforts to curb inflation and that resulted in food inflation in the country has fallen significantly after reaching more than 10% in the past two years.
But the rate of core inflation based on wholesale price index is still high, currently stands at9.115% according to the latest numbers registered.
Source: German
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