Washington: Emerging economies including India may not be able to return to growth rates of 8 per cent and more under present circumstances and neither would it be advisable for them, an IMF official said.
“The 8 percent growth...in large part was because of the stimulus many emerging markets gave in order to prevent the major negative spillover from advanced countries,” Rupa Dutta Gupta, Deputy Chief of the World Economic Outlook
Division of the IMF, told reporters at a news conference here.
The International Monetary Fund (IMF), in its latest World Economic Outlook, projected an average growth rate of about 3.8 percent in market prices for India in fiscal 2013, which is expected to pick up to 5.1 per cent next year.
India's GDP growth slowed to 5 per cent in the year ended March 2013 from an average of 8 per cent over the past decade.
“So some of the cooling is just that, which in many ways is welcome because if you continue to pump in...at that rate, obviously, the economy will overheat,” Dutta Gupta said.
Prime Minister Manmohan Singh has said the government is committed to getting India back to a sustainable growth path of 8-9 per cent.