ADB Says India''s GDP Growth To Come Down To 8pc

New Delhi: India''s economic growth will decelerate in fiscal 2008-09 to 8 per cent as the Reserve Bank of India holds monetary policy tight and the Government takes slew of steps to rein in inflation ahead of Parliamentary elections next year, the Asian Development Bank (ADB) has said. In its flagship annual publication, Asian Development Outlook 2008 (ADO), the Manila-headquartered development bank however stated that the economic growth will bounce to 8.5 per cent in 2009-10 on the back of a pick up in consumer spending and more accommodative monetary policy. On inflation, ADB has expected the wholesale price inflation at 4.5 per cent for 2008-09. The report hopes inflation to be held at 5 per cent in 2009-10. The higher inflation estimate of 5 per cent for 2009-10 comes on the back of an expected pick up in global economy in that year.