Mukherjee says G.D.P will stand at 8.6 percent

Monday, February 7, 2011

NEW DELHI - Union Finance Minister Pranab Mukherjee on Monday said that India’s Gross Domestic product (GDP) for fiscal 2010-11 would stand at 8.6 per cent.

When compared to the previous year in which GDP stood at eight per cent, the point six per cent increase is attributed to smart recovery in farm output as well the growth rate of over 8 per cent in sectors such as manufacturing, construction, trade, hotels, transport and communication, financing, insurance, real estate and business services.

This GDP growth is higher than what the Reserve Bank Of India (RBI) and the Finance Ministry had predicted earlier.

According to data released, agriculture and allied activities are projected to grow by 5.4 per cent this fiscal as against 0.4 per cent a year ago.

Mukherjee has said that the economy would grow by 8.5 per cent despite rising inflation.

The Reserve Bank of India( RBI) had projected that the economy would expand by 8.5 per cent in it’s quarterly monetary policy review last month.

The growth in this fiscal is likely to be driven by 8.8 per cent in the manufacturing sector, the same as in the pervious year.

According to the advance estimates, mining and quarrying is likely to grow by 6.2 per cent, while electricity, gas and water production will grow up by 5.1 per cent. (ANI)

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