India Inc expects the country's gross domestic product to log a growth of just about 7 percent with no hope of an interest rate cut before April, a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) released Monday said.
"Thirty-three percent of the respondents felt that the economy would grow between 6.5-6.9 percent in 2011-12 with the remaining 67 percent feeling that the growth rate would touch 7 percent," said FICCI's Economic Outlook Survey.
"There were no respondents who believed that the economy would log in a growth rate higher than 7.5 percent in this fiscal," it added.
The survey was conducted among member associations of FICCI and amongst individual companies during the month of December and January. Banking and financial services along with manufacturing together accounted for more than half of the total responses.
The companies who responded to the survey were also not hopeful of any easing in key interest rates by the Reserve Bank of India in its third quarter review of the monetary policy to be conducted Tuesday.
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