GDP to grow by 9.5 per cent in FY 09: CMIE
The country's economy is expected to rebound and clock a 9.5 per cent growth in real gross domestic product in FY 09 after witnessing a slight moderation in growth in FY 08.
By PTI |
MUMBAI: The country's economy is expected to rebound and clock a 9.5 per cent growth in real gross domestic product in FY 09 after witnessing a slight moderation in growth in FY 08, Centre for Monitoring Indian Economy (CMIE) said in its monthly review report here today.
It projected GDP growth to pick up a bit in the last quarter of FY 08 and the year to end with an 8.8 per cent growth.
"The growth of 8.8 per cent is quite healthy, though a bit lower than the 9.4 per cent and 9.6 per cent growth clocked in FY 06 and FY 07, respectively," CMIE said.
While the services sector would continue to grow by over 10 per cent for the fourth consecutive year, it is the manufacturing and the construction sectors, which are expected to pull growth in real GDP much above expectations in FY 09, CMIE said.
The growth in manufacturing sector is expected to accelerate to 10.8 per cent in FY 09 from 9.2 per cent estimated for FY 08. This acceleration in growth will be well-spread across industries.
The sectors that are expected to growth at a faster pace are cement, steel, fertilisers, tyre cords, PVC pipes and tubes, pig iron, sponge iron, metal products, commercial vehicles, motor-cycles and passenger cars, the economic think-tank said.
The demand for machinery is expected to remain robust with fresh investments continuing to flow in and those on hand gettng implemented, it said.
It projected GDP growth to pick up a bit in the last quarter of FY 08 and the year to end with an 8.8 per cent growth.
"The growth of 8.8 per cent is quite healthy, though a bit lower than the 9.4 per cent and 9.6 per cent growth clocked in FY 06 and FY 07, respectively," CMIE said.
While the services sector would continue to grow by over 10 per cent for the fourth consecutive year, it is the manufacturing and the construction sectors, which are expected to pull growth in real GDP much above expectations in FY 09, CMIE said.
The growth in manufacturing sector is expected to accelerate to 10.8 per cent in FY 09 from 9.2 per cent estimated for FY 08. This acceleration in growth will be well-spread across industries.
The sectors that are expected to growth at a faster pace are cement, steel, fertilisers, tyre cords, PVC pipes and tubes, pig iron, sponge iron, metal products, commercial vehicles, motor-cycles and passenger cars, the economic think-tank said.
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The demand for machinery is expected to remain robust with fresh investments continuing to flow in and those on hand gettng implemented, it said.
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