Standard and Poor's raises India's growth forecast
Friday, 14 August 2009, 14:50 IST
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New Delhi: Global rating agency Standard & Poor's (S&P) Thursday raised India's growth forecast for the current fiscal from 5.8 percent to 6.3 percent taking into account the improving performance of the industrial sector. "If yesterday's number (industrial production figures released Wednesday) is anything to go by, credit offtake in the coming days would be much better than we have anticipated earlier," said Subir Gokarn, Chief Economist at the Indian arm of S&P. "The overall strength of the domestic market will help India maintain a respectable growth," he added. The official data released Wednesday showed that India's manufacturing output grew 7.3 percent in June over the like month the previous year.
Source: IANS
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