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Forward OutlookTourism Outlook India’s outbound tourist traffic is expected to reach 16.2 million by 2011. There has been an upsurge in the number of high-end luxury travellers from this market that prefer exotic locales and untouched territories. However, with the downturn in the stock exchange and inflation at an all time high, the coming months are expected to be slow. A drop in oil prices may see growth increase again to 5 per cent over the summer period.
Economic Outlook
The Economist reports that higher inflation will force the Reserve Bank of India to continue to tighten monetary policy during 2008, with interest-rate cuts postponed to 2009 despite the extreme monetary loosening in the US. Consumer price inflation is now forecast to average 7.1 per cent (previously 6.9%) in 2008 and 6.2 per cent (previously 5.9%) in 2009. Economic growth in India is expected to slow to 7.7 per cent in the 2008/09 fiscal year (April-March) from 9 per cent in 2007/08, driven primarily by domestic factors. The Indian government has sought to allay fears of a US slowdown affecting the Indian economy, saying the country’s economic foundation was strong enough to sustain 9 to 9.5 per cent growth. Source: www.economist.com (Country Briefing India) |
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