Economy to grow by 8.6 percent this fiscal: Pranab
February 10th, 2011 - 10:08 pm ICT by IANS
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.
- India economy to expand 8.6 percent this fiscal (Roundup) - Feb 07, 2011
- India economy to expand 8.6 percent this fiscal (Lead) - Feb 07, 2011
- Indian economy to grow by 6.9 percent this fiscal (Lead) - Feb 07, 2012
- India predicts 8.6 percent growth this fiscal - Feb 07, 2011
- India's economy grew 8.5 percent last fiscal - May 31, 2011
- Indian economy grows slowest in six quarters (Roundup) - Aug 30, 2011
- Economic growth may slump to 6.9 percent this fiscal (Roundup) - Feb 07, 2012
- Indian economy to grow by 6.9 percent this fiscal - Feb 07, 2012
- Mukherjee says G.D.P will stand at 8.6 percent - Feb 07, 2011
- Indian economy may grow at 8 percent in 2012-13: Rangarajan (Lead) - Feb 22, 2012
- India to grow 9 percent in 2011-12: PM's advisor (Lead) - Feb 21, 2011
- Highlights of India's Economic Survey - Feb 25, 2011
- India grows 8.6 percent in fourth quarter (Lead) - May 31, 2010
- Indian economy grows 8.2 percent in third quarter - Feb 28, 2011
- Growth may be revised upward from 6.9 percent: Pranab - Feb 07, 2012
Tags: agricultural growth, agricultural output, agricultural sector, agriculture, bank of india, business services, central statistical organisation, economic growth data, estimates, farmers, finance minister, gdp, gross domestic product, inclusion, launch, manufacturing sector, New Delhi, pace, pranab mukherjee, reserve bank of india