Chief Statistician T C A Anant has said that high global crude prices could impact India's economic growth in 2011-12. He said the current political turmoil in Middle East and North Africa, along with the recent tsunami and earthquake in Japan, could affect oil prices.On the sidelines of a FICCI event in New Delhi on Friday, Anant told reporters that headline inflation will fall below the 8 per cent mark by August-September if the country receives a normal monsoon.He also projected the GDP growth at around 8.5 per cent during this fiscal.In its pre-Budget economic survey, the government had projected that the country's GDP would grow by 9 per cent this fiscal. However, the Reserve Bank, in its monetary policy for 2011-12 released earlier this month, pegged GDP growth at 8 per cent and said inflationary pressure would affect growth.Finance Minister Pranab Mukherjee and other senior figures in the government also recently said that growth would be below 9 per cent.
News On AIR | May 20, 2011 2:53 PM
High global crude prices may hit India's economic growth in 2011-12