labels: economy - general
NCAER raises fiscal 2008 GDP growth projection to 8.9 per cent news
01 November 2007

Mumbai: The Indian economy is expected to grow 8.9 per cent in the year to March 2008, compared with 9.2 per cent a year earlier, the National Council for Applied Economic Research (NCAER) said.

NCAER revised upwards its growth projection from 8.5 per cent it forecast in August as it expects higher growth in services and farm sectors.

The growth projection is also higher than the 8.5 per cent forecast by the Reserve Bank of India in its review of monetary policy.

The industry is expected to grow at 9 per cent during 2007-08, compared to 10 per cent a year earlier, NCAER said in its report. Services sector is expected to grow by 10.6 per cent, while farm output will be higher by 3.8 per cent, it said.

Inflation will average 4.7 per cent during the fiscal, NCAER said, adding interest rates will remain stable in the coming months.

The government''s fiscal deficit is expected to be on target at 3.3 per cent of gross domestic product, it added.

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NCAER raises fiscal 2008 GDP growth projection to 8.9 per cent