GDP growth projected below 6 per cent next FY
12 Nov 2012
Even as they felt ''cautiously optimistic'' about the economic growth in the country, 67 per cent of the CFOs of leading industrial houses felt that the growth in next fiscal (2013-14) would be less than 6 per cent.
They also said, corruption and bureaucracy were among the ''big concerns'' for the industry.
A survey of 32 chief financial officers by the Confederation of Indian Industry (CII) and McKinsey & Co, revealed that 50 per cent of those polled felt the euro crisis, followed by slowdown in the US and increasing oil prices would have the biggest impact on the Indian economy in the next fiscal.
''About 67 per cent of the respondents believe that India's GDP growth in the coming year will be less than 6 per cent,'' a CII statement said.
Finance minister P Chidambaram had recently hinted that growth would be lower in the coming times saying that the GDP growth in the second half of the current fiscal would be between 5.5 and 6 per cent.
The growth rate in the first quarter of the current fiscal was 5.5 per cent and in the budget for 2012-13, the then finance minister Pranab Mukherjee had projected that the company would grow 7.6 per cent.
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