Indian economy is likely to grow at around 6% even in the worst scenario, reported the Business Standard, quoting the Chief Economic Advisor in the Finance Ministry, Arvind Virmani.
Virmani said that the worst scenario was that the global recession would continue till March next year, and the best scenario was that the global economy would recover from September this year. He estimated economic growth at 7% in the best situation.
His projection matches with that of the RBI's estimate of 6% growth in 2009-10, but higher than the median forecast of 5.7% by professional forecasters. Both the World Bank and the IMF have put the figure at 5%.
Virmani added the growth rate of current fiscal and the last fiscal would be similar in the best case scenario, as in the previous year, growth was cheerful in the first half before the global crisis hit the world, and this year, it would start to grow in the second half (i.e., from July).
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