Patna: Reserve Bank of India (RBI) Governor Y V Reddy today (Feb 12, 2004) said in view of the low inflation and consolidation of growth in the gross domestic product (GDP), the country was poised to contribute significantly to the world output.

''We had indicated a 6.5 to 7 per cent GDP growth with an upward bias for this financial year. We revised the outside base last year and at this point of time we feel the growth prospect of the GDP can be more compared to what we had estimated and this is good news,'' Reddy told reporters, emerging from a meeting of the Central Board of Directors of the RBI.

Asked if the present growth rate of the GDP would continue next year, the RBI Governor said, ''This year's growth pegged by various agencies at 7 to 8 per cent is largely due to a turnaround in agriculture but we should not underestimate the impressive gains which are being observed in the manufacturing industry.''

''Though we cannot put an exact number (about growth in GDP) there are indications, both global and domestic, that there will be fairly respectable and strong growth next year also and India would be among the countries which will significantly contribute to the world output,'' he said.

Reddy also ruled out the necessity of effecting any change in the existing interest regime in the near future.