In the case of India, GDP growth seems to be gaining traction once again, the IIP numbers are in double digits and the worst seems to be clearly behind us.

Central banks around the world are devising strategies for faster economic growth and steady withdrawal of extraordinary measures undertaken to revive their economies. While the US and many other developed economies are showing improvements and slowly coming out of recession, the emerging market economies continue to drive global recovery. In most countries, growth is projected to remain below potential. The weak growth prospects suggest that easy monetary policy will remain in these economies for some more time.

Global economy is gradually coming out of the recessionary phase, and this recovery is largely driven by emerging market economies, particularly Asia. Indian economy, which witnessed slowdown in FY '09, has displayed greater optimism with the latest GDP growth at 7.9% for Q2 FY '10, reassuring the expectations of a sustained recovery. Manufacturing sector registered a robust growth of 9.2% (5.1%) during Q2 FY '10. Among the services sectors, while the growth in financing and community services was higher at 7.7% (6.4%) and 12.7% (9%) respectively, trade hotels, transport and communications slowed down to 8.5% (12.1%).

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