Economy to grow by 8.6 percent this fiscal: Pranab

February 10th, 2011 - 10:08 pm ICT by IANS  

Pranab Mukherjee New Delhi, Feb 10 (IANS) Finance Minister Pranab Mukherjee Thursday said India’s economy would grow by 8.6 percent in the current fiscal on the back of robust agricultural output.”Economic growth data is quite encouraging. It is estimated to grow at 8.6 percent led by 5.4 percent growth in agricultural sector,” Mukherjee said at the launch of a financial inclusion campaign here.

According to 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 and was expected to touch 8.6 percent, even higher than the 8.5 percent forecast by the Reserve Bank of India.

Mukherjee said agricultural growth was impressive mainly because of increased credit to farmers.

In the previous fiscal, agriculture grew at a tardy pace of 0.4 percent.

The CSO also said that manufacturing sector could grow by 8.8 percent while mining and quarrying were expected to register a growth of 6.2 percent this fiscal.

The services sector that includes trade, hotels, transport and communication, is estimated to expand by 11 percent.

Financing, insurance, real estate and business services are expected to show a growth of 10.6 percent on the back of 14 percent growth in aggregate deposits and 22.6 percent growth in bank credit during April-November 2010.

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