2008-09 growth rate likely to be revised to 6.9%: Plan panel

NEW DELHI: A Planning Commission member said the economic growth rate for 2008-09 could be revised upwards to 6.9 per cent from 6.7 per cent estimated by the government earlier.

"The economy growth in last fiscal will be revised upwards at 6.9 per cent from earlier estimates of 6.7 per cent," Commission Member Saumitra Chaudhari said while addressing a conference 'Indian Forecasting Forum'.

The growth projection is are likely to be revised upwards mainly on account of better than estimated performance of the manufacturing sector.

The revised estimates of national income released by the Central Statistical Organisation in May pegged the Gross Domestic Product growth rate for 2008-09 at 6.7 per cent, down from 9 per cent registered in the three previous fiscals.

As regards the current fiscal, Chaudhari said, "If the monsoon had been normal we would have got 7 per cent plus GDP growth this year (fiscal). Monsoon has essentially taken off half a percentage point of growth."

Referring to the Prime Minister's Economic Advisory Council's (PMEAC) growth projection of 6.5 per cent in the current fiscal, he said, "it is neither pessimistic nor optimistic."