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Monday, June 9, 2008

India to grow 8.5% in FY09: FM

Palaniappan Chidambaram

India's economy is expected to grow 8.5 per cent in the fiscal year ending March 2009, Finance Minister Palaniappan Chidambaram said .

Asia's third-largest economy is estimated to have grown 9.0 per cent in the fiscal year ended March 2008, and has grown at an average 8.8 per cent in the past four years.

Top government and central bank officials have predicted expansion of 8-8.5 per cent in the current fiscal year.

But there are concerns high global oil prices and rising inflation above 8 per cent may moderate growth.

Chidambaram also said the Goverment's target for direct tax receipts for 2008/09 would be revised upwards from the current Rs 3.65 trillion.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 12
18:00 Producer Price Index ex Food & Energy (MoM) 2 0.1% 0.3% -0.2% Revised from -0.4%
20:00 EIA Natural Gas Storage Change 1 109B 108B 122B
21:00 4-Week Bill Auction 1 4.08% 4.17%
21:30 USDA WASDE Report 1
22:30 30-Year Bond Auction 1 4.844% 4.819%
Friday, Jun 13
04:00 Business NZ PMI 2 53.9
14:00 Consumer Inflation Expectations 2 3.4%
18:00 Manufacturing Sales (MoM) 1 -2.0% -1.4%
18:00 Capacity Utilization 1 79.8% 79.8%
18:00 Wholesale Sales (MoM) 1 -0.9% 0.2%
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