Projecting economic recovery, ADB on Wednesday said India is likely to record 4.7% growth in current fiscal which will improve to 5.7% next year. “After bottoming out in the first fiscal quarter, India’s economy appears to have recovered on the back of a rebound in exports and higher industrial and agricultural outputs,” Asian Development Bank (ADB) said in its outlook supplement report.
The growth rate in the second quarter of current fiscal improved to 4.8%, from 4.4% in Q1, “suggesting that the Indian economy has bottomed out”. In the first half the growth works out to be 4.6%. PTI
Report on bank licences in 3 mths: Jalan
Bimal Jalan ? former central bank governor and head of an external panel screening applications for new bank licences ? said on Wednesday that the expert committee will submit its report three months after the RBI finishes the basic scrutiny of the 25 applicants. The banking regulator is likely to give new bank licences by March 2014. “The RBI is doing an intensive scrutiny of all the parameters as per the guidelines. They (RBI) have set three months? time after the RBI has done its scrutiny (for the Jalan panel to give its report),” Jalan said . fe bureau