ID :
12176
Fri, 07/11/2008 - 12:05
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http://m.oananews.org//node/12176
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India to register growth rate of 8.5 pc this year: Official
Colombo, July 11 (PTI) Indian economy is expected to grow by over 8.5 percent during the current fiscal notwithstanding indications of a global slowdown, a top Indian governmentofficial said Thursday.
"We are hopeful that India will continue to maintain high economic growth and the economy could grow by at least 8.5 percent during 2008-09," Commerce Secretary Gopal K. Pillaisaid here.
Pillai said the demand for infrastructure funding was estimated at 500 billion dollars and the present annual flow of 80 billion dollars investments in the core sectors wasencouraging.
He said the fundamentals of the economy were satisfactoryand augured well for high growth.
Pillai said if the current level of investments in the infrastructure was maintained there was no reason why India could not continue to register a G.D.P. growth of between 8-10percent during the next few years.
As per the estimates released by the Central Statistical Organisation, real G.D.P. at factor cost grew by 9 percent in2007-08 after recording a 9.6 percent growth in 2006-07.
While services continued to grow robustly at 10.8 percent during the last fiscal, the industry reported a slightslowdown in growth in 2007-08.
Industrial growth at 8.3 percent in 2007-08 was considerably lower than the 11 percent growth recorded in2006-07.
The manufacturing sector grew at 8.8 percent during the previous fiscal, however lower than the strong 12 percent growth clocked in 2006-07. PTI
"We are hopeful that India will continue to maintain high economic growth and the economy could grow by at least 8.5 percent during 2008-09," Commerce Secretary Gopal K. Pillaisaid here.
Pillai said the demand for infrastructure funding was estimated at 500 billion dollars and the present annual flow of 80 billion dollars investments in the core sectors wasencouraging.
He said the fundamentals of the economy were satisfactoryand augured well for high growth.
Pillai said if the current level of investments in the infrastructure was maintained there was no reason why India could not continue to register a G.D.P. growth of between 8-10percent during the next few years.
As per the estimates released by the Central Statistical Organisation, real G.D.P. at factor cost grew by 9 percent in2007-08 after recording a 9.6 percent growth in 2006-07.
While services continued to grow robustly at 10.8 percent during the last fiscal, the industry reported a slightslowdown in growth in 2007-08.
Industrial growth at 8.3 percent in 2007-08 was considerably lower than the 11 percent growth recorded in2006-07.
The manufacturing sector grew at 8.8 percent during the previous fiscal, however lower than the strong 12 percent growth clocked in 2006-07. PTI
