Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: GDP grows by 9% for third successive year

GDP grows by 9% for third successive year
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newsbyte on 30 May, 2008 02:12:36
 
By OUR CORRESPONDENT
New Delhi:May 30: India’s GDP grew by 9 per cent in 2007-08, making it the
third successive year when the economy grew by 9 per cent.
Earlier, in an advance estimate, the Central Statistical Organisation (CSO) had
expected GDP to grow by 8.7 per cent. Crisil’s principal economist, Mr D.K.
Joshi, said that in the advance estimate, CSO had underestimated agriculture
growth to 2.6 per cent.
"Our own estimate was that agriculture will grow by 3.4 per cent. Now there is
an upward revision to 4.5 per cent and it is a positive surprise," said Mr
Joshi.
However, the CSO has lowered manufacturing sector growth rate to 8.8 per cent
from the initial estimate of 9.4 per cent. The finance minister, Mr P.
Chidambaram, said the government will address the slowdown in manufacturing.
"We will have to take some corrective measures," said the finance minister.
The nine-per cent growth rate follows 9.6-per cent economic growth rate in
2006-07 and 9.4 per cent in 2005-06.
The high growth comes amidst worries of inflation, which touched a 45-month
high of 8.1 per cent for the week ended May 17.
Meanwhile, Mr Chidambaram expressed confidence that GDP will grow by 8.5 per
cent in FY09. "In fact, there are one or two amongst us who think we will do
better than 8.5 per cent," added the finance minister.