 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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