labels: investment information and credit rating agency, economy - general
ICRA estimates GDP to grow by 7.7 per cent news
Our Banking Bureau
20 February 2006
Mumbai: According to forecasts by credit rating agency ICRA the economic growth for the current financial year will be above 7.7 per cent, revising it up wards from its earlier projection of between 6.9 and 7.5 per cent.

However, its revised estimates are below than the Central Statistical Organisation's estimate of 8.1 per cent.

ICRA expects agriculture to grow by 2 per cent, below its earlier projection of between 2.5 per cent and 3.5 per cent and non-agricultural sector by 9.1 per cent. It said manufacturing is set to grow by 9.2 per cent, which would push up the overall industrial growth to 7.7 per cent while services sector is slated to grow by 9.9 per cent.

Reserve Bank has projected GDP growth of 7.5-8 per cent for 2005-06, while the NCAER has projected 7.8 per cent.

ICRA's GDP growth projection for financial year 2006-07 is between 7.4 and 8.2 per cent assuming the Monsoons to be normal, higher crude output and construction activities. The agency expects GDP to rise by between 5.7 and 6.4 per cent.

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ICRA estimates GDP to grow by 7.7 per cent