India to register 8.5pc growth rate this year
Saturday, 12 July 2008
COLOMBO, July 11 (PTI): Indian economy is expected to grow by over 8.5 per cent during the current fiscal notwithstanding indications of a global slowdown, a top Indian government official said Thursday.
"We are hopeful that India will continue to maintain high economic growth and the economy could grow by at least 8.5 per cent during 2008-09", Commerce Secretary Gopal K Pillai said here.
Pillai said the demand for infrastructure funding was estimated at 500 billion dollars and the present annual flow of US$ 80 billion investments in the core sectors was encouraging.
He said the fundamentals of the economy were satisfactory and 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 GDP growth of between 8-10 per cent during the next few years.
As per the estimates released by the Central Statistical Organisation, real GDP at factor cost grew by 9.0 per cent in 2007-08 after recording a 9.6 per cent growth in 2006-07.
While services continued to grow robustly at 10.8 per cent during the last fiscal, the industry reported a slight slowdown in growth in 2007-08.
Industrial growth at 8.3 per cent in 2007-08 was considerably lower than the 11 per cent growth recorded in 2006-07. The manufacturing sector grew at 8.8 per cent during the previous fiscal, however lower than the strong 12 per cent growth clocked in 2006-07.
"We are hopeful that India will continue to maintain high economic growth and the economy could grow by at least 8.5 per cent during 2008-09", Commerce Secretary Gopal K Pillai said here.
Pillai said the demand for infrastructure funding was estimated at 500 billion dollars and the present annual flow of US$ 80 billion investments in the core sectors was encouraging.
He said the fundamentals of the economy were satisfactory and 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 GDP growth of between 8-10 per cent during the next few years.
As per the estimates released by the Central Statistical Organisation, real GDP at factor cost grew by 9.0 per cent in 2007-08 after recording a 9.6 per cent growth in 2006-07.
While services continued to grow robustly at 10.8 per cent during the last fiscal, the industry reported a slight slowdown in growth in 2007-08.
Industrial growth at 8.3 per cent in 2007-08 was considerably lower than the 11 per cent growth recorded in 2006-07. The manufacturing sector grew at 8.8 per cent during the previous fiscal, however lower than the strong 12 per cent growth clocked in 2006-07.