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India May Fail to Meet 7.1% Growth Forecast as Harvests Decline

March 18, 2009

Author: Kartik Goyal

India may fail to achieve the government’s 7.1 percent economic growth forecast if crop harvests don’t meet expectations, according to the finance ministry’s top economist.

Agricultural output in Asia’s third-largest economy fell 2.2 percent last quarter from a year earlier and the nation’s farm ministry expects food-grain production in the year to June to decline by 1.3 percent to 227.9 million tons.

“To the extent that agriculture growth turns out to be below the 2.6 percent expectation” then our forecast for gross domestic product in the fiscal year ending March 31 would have to be adjusted, the finance ministry’s Chief Economic Advisor Arvind Virmani said in an interview in New Delhi yesterday.

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3 Comments leave one →
  1. March 18, 2009 7:59 pm

    well failure is the stepping stone to success…

    • Chirag Chamoli permalink*
      March 18, 2009 8:01 pm

      Where will you step if there is no stone to step?

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