Growth in 2007-08 to be 8.5-9 per cent: Montek

New Delhi, Sep 18: Planning Commission Deputy Chairman Montek Singh Ahluwlia today said the growth rate in the current fiscal would be in the range of 8.5 per cent to nine per cent, stating that the latest industrial output numbers were no reason to reassess growth estimates.

Dr Ahluwalia told newspersons here that there would be some moderation in growth from a year earlier, but there would be no slowdown.

He said the Planning Commission has predicted slightly lower growth for this year.

The Indian economy grew by 9.4 per cent in the financial year 2006-07.

Industrial output registred a growth rate of 7.1 per cent as compared to 2005-06.

Analysts say that the decline in the growth rate was on account of the impact of tight monetary policy being pursued by the RBI.

Asked to comment that the RBI policy has been hawkish, Dr Ahluwalia said his view was that it was a successful macro-economic management of the economy.

UNI