'India's GDP growth may fall below 6.5% in 2012-13'

NEW DELHI: India's gross domestic product (GDP) growth during the ongoing fiscal 2012-13 is expected to be below than 6.5%, according to industry body Confederation of Indian Industry (CII). Centre should declare the implementation of another 50 projects immediately, feels CII.

Chandrajit Banerjee, director general, Confederation of Indian Industry (CII), said, “The poll results clearly indicate deteriorating business sentiments and expectations. Urgent actions are needed from the government such as announcements on implementation of another 50 large projects on an urgent basis with all clearances and approvals in place along with a credible third party monitoring mechanism are needed.”

Banerjee stated that direction is needed towards for the opening up of the Indian economy with the relaxation of foreign direct investment (FDI) limits in civil aviation, defence production and also opening up the multi brand retail to FDI will enhance the international investors' confidence and also help control the decline of rupee.

This figure came to the forefront in a survey conducted by CI1. Nearly 43% of the respondents are of the opinion that net sales growth either to stagnate or fall during the year 2012-13.