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The Feel Good Factor-Indian Economy Well Poised!

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Small Enterprise India Information Desk

There are more reasons for India to  smile...! Encouraged by the industrial growth of 17.6 percent in April, the Indian economy is well-poised to meet the projected growth rate of 8.5 percent in the current fiscal, the Prime Minister's Economic Advisor C Rangarajan informed the media.

"The industrial growth can be equal to the growth rate last year and, therefore, taking that into account and if agriculture sector performs reasonably well during the year, one should hope to get a growth rate close to 8.5 percent," Rangarajan said.

The Index of Industrial Production (IIP), which entered the negative zone in the aftermath of the global melt down, recorded a growth of 17.6 percent in April - close to the 20-year high of 17.7 percent registered in December 2009.

This is the seventh month in a row that the industry has grown in double digits.

He also added that the IIP number of April indicates that industrial growth is well-entrenched and the growth rate of the industry during 2010-11 is expected to be over 10 percent.

Both Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee have projected the Indian economy to grow by 8.5 percent in the current fiscal.

"Our annual rate had averaged 9 per cent for four years before the crisis. It reduced to 6.5 percent in 2008-09, but recovered to 7.2 percent in 2009-10. We expect 8.5 percent growth in this financial year," the Prime Minister had said at a national press conference.

After growing at over 9 percent in the three preceding years, India's economic growth had declined to 6.7 percent in 2008-09.

However, the Indian economy achieved 7.4 percent growth rate in 2009-10, higher that the provisional estimate of 7.2 percent.

Courtesy- Press Information Bureau, DD news

 

Last Updated ( Monday, 05 July 2010 16:23 )  

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