GDP growth for FY’09 projected to slow to 7.1 pc
Given the impact of the global financial meltdown, the government on Monday projected Indian economic growth to slow down to 7.1 per cent in the current fiscal against 9 per cent in 2007-08.business Updated: Feb 09, 2009 15:38 IST
Given the impact of the global financial meltdown, the government on Monday projected Indian economic growth to slow down to 7.1 per cent in the current fiscal against 9 per cent in 2007-08.
Even though economic growth is slowing down, it is on expected lines and the rate projected has been as predicted by the Prime Minister’s Economic Advisory Panel.
While manufacturing, agriculture, power, construction and financial services are likely to pull down growth, services including trade and hotels as well as mining are projected to give a push to the economy.
Agriculture is set to grow by 2.6 per cent in 2008-09 against 4.9 per cent in the previous fiscal, manufacturing is likely to expand by 4.1 per cent against 8.2 per cent, and construction by 6.5 per cent against 10.1 per cent.
Financial, insurance, real estate and business services are set to grow by 8.6 per cent against 11.7 per cent.
On the other hand, the category of trade, hotels, transport and communication is projected to grow by 10.3 per cent against 12.4 per cent and community, social and personal services by 9.3 per cent against 6.8 per cent.
These are advance estimates by the Central Statistical Organisation and actual growth figures may not exactly be the same.