It is expected that India will miss its 7 per cent growth estimate for the current fiscal year as a result of the global economic crisis, according to RBI governor Duvvuri Subbarao.
Subbarao said in an interview of Japan''s Nikkei newspaper that the next fiscal period of "2009-10 will be a more challenging year.” He also added, emerging economies should have a stronger voice in multilateral organizations such as the International Monetary Fund and the World Bank to "reflect the new realities of the global economy."
Indian economy expanded by 5.3 per cent, slowest speed in around 6 years, during December quarter as compared to corresponding period a year ago. However it had been growing with 9 per cent or higher pace in the past three fiscals.
Subbarao said in an interview of Japan''s Nikkei newspaper that the next fiscal period of "2009-10 will be a more challenging year.” He also added, emerging economies should have a stronger voice in multilateral organizations such as the International Monetary Fund and the World Bank to "reflect the new realities of the global economy."
Indian economy expanded by 5.3 per cent, slowest speed in around 6 years, during December quarter as compared to corresponding period a year ago. However it had been growing with 9 per cent or higher pace in the past three fiscals.
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