India's GDP growth may be below 6pc next fiscal: CII
India's economic growth is expected to be less than 6 percent in the next fiscal due to slowdown in western markets like US and Europe, a survey has said. Majority of respondents surveyed said they expect the country's Gross Domestic Growth in the range of 5-6 percent in the next year, according to a survey jointly conducted by Confederation of Indian Industry and McKinsey & Co.
As many as over 50 percent respondents said that the Euro crisis, followed by slowdown in the US and increasing oil prices are expected to have the biggest impact on the Indian economy, it said. The growth rate during the first quarter of the current fiscal was 5.5 percent. In the Budget for 2012-13, the then finance minister Pranab Mukherjee had projected the economy to grow by 7.6 (+/0.25) percent. This was done in the view of global and domestic factors like poor investments and subdued demand.