Indian government predicts 8% in economic growth

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The Indian government expects the country’s economy to grow between 7.5% and 8% over the next two years.

The Prime Minister’s Economic Council argued that the global economic meltdown and financial conditions are likely to remain strained for the rest of the year. However, India is still hopeful of an 8% surge in growth by 2013.

Figures presented at the Economic Council on Wednesday show an average 3% increase in the agricultural industry over the last year.

To continue this upward trend the Council argued that it was critical to monitor food prices, focus on improvements in production in addition to rolling out an efficient food logistics network.

The inflation rate is expected to cool off and continue to ease through 2012 and 2013. The council expect the rate to remain at a rate of between 5% and 6% for the rest of the year.

They also warned that there was a pressing need for the country to invest in its basic infrastructure in areas such as fossil fuel, roads and railways.

Although economic pressures are loosening their grip on the country, higher oil prices pose a risk to its stability. Coupled with a more austere monetary policy the country may prove a less attractive prospect for investors.

Transfer Money to India

If you are looking to invest in India, think carefully about how you will be transferring money to the country. Foreign currency exchange rates quoted by banks are not usually the best way to send money abroad.

Always ensure that you compare the market before you buy your overseas currency.

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