Indian Economy to grow not less than 8.5 pecent in FY'11

Indian Economy to grow not less than 8.5 pecent in FY'11

Tuesday, 31 August 2010, 18:53 Hrs
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New Delhi: Buoyed by the encouraging first quarter GDP numbers, Finance Minister Pranab Mukherjee today expressed confidence that the economy will grow by not less than 8.50-8.75 percent this fiscal.

"The numbers are quite encouraging ... more encouraging point is 12.4 per cent growth which has been registered in the manufacturing sector. I think the highest growth rate in the last 11 quarters ... I do hope it will be possible to maintain this level of growth," Mukherjee told reporters here.

According to the official data released today, the economy grew by 8.8 percent during the quarter to June.

However, certain sectors like financial services restrained the growth in economy, which had recorded 6 percent growth rate in April-June 2009-10.

The show-stopper for the quarter is the manufacturing sector, which expanded by a strong 12.4 percent in April-June, 2010, against a mere 3 percent.
Source: PTI
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