After a better than expected growth of the economy in the March quarter, Macquarie Research has raised its growth forecast for 2009/10 to 7 per cent and for 20010/11 to 7.5 per cent, it said in a recent note. Earlier, Macquarie had estimate growth of 5.5 per cent for 2009/10 and 6.5 per cent for 2010/11.
On Friday, the data showed the Indian economy grew 5.8 per cent from a year earlier in January-March, matching the upwardly revised rate in the previous quarter.
The growth for October-December was revised from 5.3 per cent. In the 2008/09 fiscal year to March 31, India''s economy grew 6.7 per cent, its weakest in six years and well below around 9 per cent of the previous three years.
The note also said that India''s low dependence on exports along with an aggressive double-barrelled fiscal and monetary response softened the blow to the economy from the global financing challenges.
Moreover it also said that the political risk is likely to decline and Prime Minister Manmohan Singh would be able to undertake more reforms than he did in his previous term.
On Friday, the data showed the Indian economy grew 5.8 per cent from a year earlier in January-March, matching the upwardly revised rate in the previous quarter.
The growth for October-December was revised from 5.3 per cent. In the 2008/09 fiscal year to March 31, India''s economy grew 6.7 per cent, its weakest in six years and well below around 9 per cent of the previous three years.
The note also said that India''s low dependence on exports along with an aggressive double-barrelled fiscal and monetary response softened the blow to the economy from the global financing challenges.
Moreover it also said that the political risk is likely to decline and Prime Minister Manmohan Singh would be able to undertake more reforms than he did in his previous term.
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