India predicts 8.6 percent growth this fiscal

NEW DELHI - Projecting a noteworthy 5.4 growth in farm output, 8.1 percent in factory production and 10.2 percent in services, India Monday estimated the overall economy to expand 8.6 percent this fiscal against 8 percent the previous year.

As per fresh estimates released by the Central Statistical Organisation (CSO), the gross domestic product (GDP) expanded by 8 percent last fiscal and 6.8 percent in 2008-09. The latest estimate is also higher than 8.5 percent forecast by the central bank.

The per capita income in real terms is forecast to expand well to Rs.36,003, compared to the estimate of Rs.33,731. “The growth rate in per capita income is estimated at 6.7 per cent during 2010-11, as against the previous year’s estimate of 6.1 per cent,” CSO said.

Following are the growth projections for this fiscal released Monday. Previous year’s figures in brackets:

-Agriculture, forestry and fishing - 5.4 percent (0.4 percent)

-Mining and quarrying 6.2 percent (6.9 percent)

-Manufacturing - 8.8 percent (8.8 percent)

-Electricity, gas and water supply - 5.1 percent (6.4 percent)

-Construction - 8 percent (7 percent)

-Trade, hotels, transport communications - 11 percent (9.7 percent)

-Financing, insurance, real estate and business services - 10.6 percent (9.2 percent)

-Community, social and personal services - 5.7 percent (11.8 percent)