India expected to return to st

NEW DELHI: India Asia's third largest economy, is poised to return to its strong pre-crisis growth thanks to its domestic demand, said an economist.

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However, HDFC Bank chief economist Abheek Barua said the sovereign debt crisis, a worrying housing market in the US and slower factory output in China could hurt corporate investment plans.

India has targeted an 8.5 per cent growth for 2011. In the fourth quarter ended March 31 2010, the economy bounced to an 8.6 per cent growth.

"The way I see it, with our domestic demand we can post growth of 8.5 per cent to 9 per cent. To cross 9 per cent growth (mark), we need to see improvements to the global scenario," he told visiting Malaysian journalists attending an "Experience India" programme.

HDFC Bank is India's second largest private bank.

He also does not expect inflationary pressures from recent fuel price hikes, expecting it to fall to 7-8 per cent for the year and reaching 5 per cent by March 2011.

The fastest growing economy in the world after China also rolled out a stimulus package that amounted to 3 per cent of its gross domestic product (GDP). This is small compared with China's 4.4 per cent or US's 4.8 per cent.

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"Automotive sales saw a huge recovery initially driven by the stimulus package before a broad-based momentum kicked in."

There are also signs of investments gathering steam, added Barua, with signs of investment demand for capital goods showing a spectacular 72 per cent growth between September and April.

"Infrastructure will provide the fillip going forward to Tiffany Silver the cement and steel industries. Then there is the new technology in renewable energy apart from the agriculture sector which has been receiving a lot of attention."

The finance sector has also become more sophisticated, with growth of new markets and a corporate bond market set to take off.

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