Comments from industry, experts on India’s growth

New Delhi, August 31: The following are some comments by experts and representatives of Indian industry on India’s gross domestic product (GDP) during the first quarter of this fiscal, which expanded 6.1 percent: Montek Singh Ahluwalia, Deputy Chairman, Planning Commission: It is consistent with what we have been maintaining. This definitely shows the worst is finally over. We expect to see improved performance in subsequent quarters.

Harsh Pati Singhania, president, Federation of Indian Chambers of Commerce and Industry: While the performance of the agriculture sector has been a little disappointing, we are still hopeful of achieving an overall growth of 6.5 percent in 2009-10.

Chandrajit Banerjee, director general, Confederation of Indian Industry: GDP growth at 6.1 percent during the first quarter of 2009-10, versus a growth of 5.8 percent in the previous quarter and 7.8 percent in the same period of the previous year has raised hopes that an economic recovery is on the cards.

Sajjan Jindal, president, Associated Chambers of Commerce and Industry: The economy will gradually bounce back on higher growth path as cement, steel and even real estate have started picking up. Likewise, core infrastructure industries would also pick up pace.

Tushar Poddar, vice president and chief economist, Goldman Sachs India: The next two quarters may see lower growth than the 6.1 percent in this quarter as the impact of poor rains comes on board.

Sherman Chan, economist, Moody’s Although global economic conditions have finally stabilized, as reflected in the GDP numbers recently released around the world, India’s battle against downside risks is far from over.

Rohini Malkani, economist, Citi India: The trends would have been lower were it not for ongoing government stimulus measures. Moreover, the impact of the poor monsoon or drought will be felt in the coming quarters.

Siddharth Shankar, economist, Kassa Financial Services: I feel the impact of poor monsoon is still not reflected in the figures and may not be reflected in the second quarter figures as well. It is only in the third and fourth quarter figures we shall see the impact of poor monsoon.