New Delhi: The Confederation of Indian Industry (CII) has revised its growth forecast for the economy. It has now said that it is expecting the growth to be 6.8 per cent this year.

While CII expects the agricultural output to increase between 4 and 5.5 per cent should the rainfall continue to be as good as it has been so far, industry and services are being seen to grow 6.5 per cent and 7.5 per cent, respectively.

Says CII chief economist Omkar Goswami: "The index of industrial production grew by 5.7 per cent and manufacturing by 6 per cent in May 2003, but there is nothing to worry about the slight dip in April and May this year. The upswing that began around the middle of last year is poised to continue. The economy has begun to see an upswing with the growth of the industrial sector in the gross domestic product by 6 per cent compared to 3.3 per cent in the previous year."