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October 22, 2001
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Growth rate of 5-6 per cent is reasonable: RBI

CREDIT
POLICY
The Reserve Bank of India on Monday termed the projection of growth rate of the economy at 5-6 per cent as 'reasonable' compared to that made by International Monetary Fund and other domestic as well as international monitoring agencies.

"Balancing various factors and assuming no further serious disruption in the world economic environment, at this stage, a projection in the range of 5-6 per cent growth rate in the current year may be reasonable for the purpose of credit and monetary management," RBI said in its mid-term review of the monetary and credit policy for 2001-02.

India is likely to be one of the very few countries in the world which would show a growth rate of this order in the current year, RBI said.

Recent growth projections made by the IMF, other international agencies as well as domestic research and monitoring agencies have ranged widely from 4.5 to over 6 per cent, RBI added.

In view of the global uncertainty and the impact of global slowdown on exports as well as domestic growth, the apex bank said a firm projection of revised growth rate for the year as a whole was difficult.

RBI said that while agricultural performance was encouraging, the position regarding revival of industrial sector and export growth in the first half of the current year was unfavourable.

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