Economy to grow close to 8 pc by 2008-09 end: Chadha

CHANDIGARH: India would achieve close to 8 per cent growth by the end of the current fiscal despite the global downturn adversely impacting certain sectors of the domestic industry, Prime Minister's Economic Advisory Council Member G K Chadha on Saturday said.

"The GDP of the country will touch close to 8 per cent growth by 2008-09...although some sectors like textile, pharmaceuticals and IT have been hit hard due to the global recessionary pressures," Chadha told reporters at Centre for Research in Rural and Industrial Development conference here.

It may be mentioned here that Indian economy clocked 7.6 per cent growth in the second quarter of current fiscal and is expected to see a dip in the second half of the year due to slowdown in manufacturing and services.

Stating that the global downturn may stay for a while affecting other countries' economies as well, he asked the industry to capitalize on the current downturn observed in US and other markets.

"This is the best time for the country to cash in on this (slowdown) situation in other countries by catering to these markets in a big way," he said.