New Delhi, Sep 6: The Indian economy is likely to expand by 8.1 per cent in 2011, the fastest growth rate in the world after China, UN agency said today.
In its global release of Trade and Development Report 2011, the United Nations Conference on Trade and Development (UNCTAD) today said the India economy will grow by 8.1 per cent in 2011, against to 8.6 per cent in 2010, despite slowdown in developed nations and many other countries.
According to UNCTAD, only China will surpass India. The East Asian giant is likely to register a growth of 9.4 per cent in 2011 compared to 10.3 per cent in 2010.
“In South Asia, India continues to pursue rapid economic growth (close to 8 per cent), based mainly on strong domestic consumption and investment, but also on the positive contribution of net exports,” the report said.
UNCTAD's projection for India in 2011 is a tad lower than International Monetary Fund's forecast of 8.2 per cent growth.
The government expects the Indian economy to grow by around 8.5 per cent in 2011-12, while the RBI has projected the GDP growth of 8 per cent this fiscal.
The World Bank had in June said India's economy would expand by 8 per cent in 2011-12, while the Asian Development Bank projected a growth of 8.2 per cent during the current financial year.
UNCTAD said the global economic growth in 2011 will slow down to 3.1 per, compared to almost 4 per cent last year and added that developing economies could be affected by recession in developed nations. PTI
