Industry & Economy
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Economy
7.3 pc GDP growth likely: CII report
Our Bureau
New Delhi
,
Oct 2
THE Indian economy is expected to clock a growth rate of 7.3 per cent for the current fiscal on account of strong prospects of kharif crop production and buoyant industrial and services sector performance, according to a CII report.
In its latest State of Economy Report, the CII has said that the minimum support services announced by the Government for the 2005 kharif season resulted in an increase in area under sowing for major crops.
Because of this, CII expects agriculture to grow at 3.2 per cent for the current fiscal, significantly higher that 1.1 per cent growth recorded in 2004-05.
The report also points towards a better than expected performance of Index of Industrial Production, which grew at 9.3 per cent in April-July period of the current fiscal.
According to the report, a strong growth in non-food credit, growth in capital goods, production and imports are perhaps the factors supporting sustained growth for the industrial sector.
The report further says that inflation is expected to be on the higher side at 5-5.5 per cent due to rising crude oil prices.
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