The big banks of Wall Street have been quick to tweak what they expect from Indian growth this year.
This report is from this week's CNBC's "Inside India " newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribeBank of America, Goldman Sachs and Deutsche Bank have all entertained the idea that India 's economic expansion might be lower than what was previously expected. The country's GDP figure slowed to a 15-month low of 6.
"We are quite confident about the 7.2% growth which we have projected in our current year's assessment," Shaktikanta Das said in an The "only component" that slowed down, according to the governor, was government expenditure amid the election season. "Going forward, I would expect the budgeted amounts will be spent by the central and the state governments, and then they will be able to catch up," he added.
However, when prompted on whether India's growth rate could compete with what China has already achieved for over two decades, the governor was less buoyant. One key element behind the central bank's bullish near-term view has been investors and businesses pouring money into India to either ride the growth story or diversify away from China.
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