Forbes Marshall targets 15% business growth in FY10

Engineering products manufacturer, Forbes Marshall is expecting a lower growth rate during 2009-10 at around 15 per cent due to slowdown in the economy, a top official said.

"We are probably looking at a growth of 15 per cent in the current fiscal," Forbes Marshall's Director Naushad Forbes said.

The company had posted a 25 per cent growth in its business in the last financial year.

However, with revival in the economy, the company expects demand to pick up in the months ahead, Forbes said.

The government's huge borrowing programme has raised concerns in the market in the form of an upward pressure on interest rates and sufficient credit availability to corporates, he said.

"So far they (the government) have been able to hold the interest rates low. How long the government will be able to keep the rates lower ( is an area of concern)," Forbes said.

With recovery seen in the global and domestic markets, India is likely to return to the 8-9 per cent growth path by the second half of the next financial year, he added.