Indian economy on track despite global turmoil

India’s economy may lose a bit of steam in coming months but will remain on track for strong growth despite global market turmoil and mounting fears of a US recession, analysts say.The Asian giant’s expansion will remain far above anaemic growth in the West thanks to high savings and investment rates and strong domestic demand driven by its 1.1-billion-strong population, experts say. While the World Bank forecasts average global growth for this year at a high of 3.3%, an Indian government advisory panel last week predicted 8.9% growth for this financial year to March 2008, slowing to 8.5% the following year. Last year, India’s economy grew by 9.4%, second only to China’s scorching expansion for 2007 forecast at around 11.7%.

MINT

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23102922/Analysts-say-Indian-economy-on.html