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The Reserve Bank of India (RBI) is expecting the Indian economy to bounce back and record a growth rate over 8 per cent once the current global economic and financial turmoil passes, Deputy Governor Rakesh Mohan said.
He said at a news conference "Our overall assessment is still an 8 per cent-plus growth is sustainable in the medium term. We can expect to come back to 8 per cent-plus growth once this interregnum is over"
The government is however expecting the economy to rise at about 7 per cent in the fiscal year ending March 31, well below rates of 9 per cent or more in the previous three fiscal years.
Mohan further said that India would be much more cautious in going for fuller capital account convertibility for the rupee currency.
He added, "We have also looked at the fuller capital account convertibility and concluded its desirable, but we need to move with caution." The Financial Express
March 30, 2009
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