Eco revival to help India clock 8.5 pc growth | mumbai | Hindustan Times
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Eco revival to help India clock 8.5 pc growth

An economic revival in the manufacturing, agricultural and export-oriented services sectors, especially IT, are expected to help the country clock a growth of 8.5 per cent in Q4 FY 10, a senior Government official said.

mumbai Updated: Apr 12, 2010 16:27 IST

An economic revival in the manufacturing, agricultural and export-oriented services sectors, especially IT, are expected to help the country clock a growth of 8.5 per cent in Q4 FY 10, a senior Government official said.

"In the third-quarter (of FY 10), the economy did not do well but in Q4, there was a bounce-back and the country seems on course to clock an 8.5 per cent GDP growth in Q4 FY 10," Chief Economic Adviser in the Finance Ministry, Kaushik Basu, said at an event organised by the Bombay Chamber of Commerce and Industry, in Mumbai on Monday.

The country's inflation would be on the higher side, Basu said, adding that "our core inflation, excluding food and fuel prices, is around 5.5 per cent."

The wholesale price index-based inflation data for March will be released this week.

In order to achieve a 7.2 per cent growth for FY 10 as estimated by the Central Statistical Organisation, the economy must grow over 8 per cent in the fourth quarter.

For the next fiscal, the overall GDP growth is likely to be around 8.5 per cent on the back of improving economic prospects, and could go up to 10 per cent in the year after, Basu said.