Economy likely to grow by 9% next fiscal: E&Y

December 29, 2009

The Indian economy may grow by 9 per cent in the next fiscal on the back of strong industrial growth and rising domestic consumption, according to global consultant Ernst and Young .

"I expect industrial production to be high next year. With normal monsoon, GDP growth could reach 9 per cent in 2010-11," said Ashvin Parekh, partner and national director, Ernst & Young Financial Services.

Parekh further said India could grow between 7.5 and 8 per cent in the current fiscal as export numbers are expected to rise in the coming months and industrial growth could be around 9-10 per cent.

Impacted by the global financial crisis, the growth rate slipped to 6.7 per cent in the last fiscal from 9 per cent in the three preceding years.