High oil prices could slow down economic growth, says Rangarajan
Rising global crude oil prices could slow down the country's economic growth in 2008-09 to between 8-8.5 per cent, the Chairman of the Prime Minister's Economic Advisory Council, Dr C. Rangarajan, has said. This estimate is lower than the 8.5 per cent growth projected for 2008-09 by the Advisory Council in January this year.