Earlier, govt. had predicted more than 7.5 pc
PTI | February 8, 2010
The government on Saturday estimated the economy to grow by 7.2 per cent in financial year 2009-10 - against 6.7 per cent a year ago - despite contraction in farm production.
The projected GDP figure for the current fiscal, according to Central Statistical Organisation's advanced estimates, is lower than the Reserve Bank and the Finance Ministry's forecasts.
The Finance Ministry pegged GDP growth at 7.75 per cent in the mid-term economic review, while the RBI projected the economy to grow by 7.5 per cent in its quarterly monetary policy review in January. However, the economy is likely to grow at a higher pace in the second half than seven per cent in the first half.
According to the data released on Saturday, agriculture and allied activities are, however, projected to shrink by 0.2 per cent this fiscal against 1.6 per cent a year ago. The projected growth this fiscal is likely to be driven by 8.9 per cent expansion in the manufacturing sector against 3.2 per cent a year ago. This sector in particular had got various stimulus doses from the government in the wake of the global financial crisis.
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