Indian Economy on the rise

By agencies   |   Wednesday, 23 August 2006, 07:00 Hrs
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NEW DELHI: It was good news all the way as Standard and Poors pronounced a stable growth for the Indian economy.

Standard and Poors, the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data, and valuations, predicted that even though the growth may remain moderate, it would continue to hold strength at 7.3 percent for the financial year 2007.

India was rated as the second fastest growing economy in the world by the global rating agency. It recorded an average growth rate of more than 8 percent over the past three years.
Subir Gokran, contributing author in the S and P report credited the sustained growth performance to a combination of factors. “Domestic consumption and investment, supplemented by gains from the rapid integration with global economy through exports and capital inflows, all contributed to this stability in growth, " he said.

The report mentioned that the current threat from high oil prices have not affected the momentum in the economy and looks like it would remain buoyant despite the oil price concerns in the current fiscal.

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