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CMIE projects India's GDP growth
18 April 2011: India's GDP is projected to continue to grow at a brisk pace of 8.8 per cent in 2011-12 (FY 12), the Centre for Monitoring Indian Economy (CMIE) said in its latest monthly review of the country's economy.
The domestic environment is conducive for growth and private final consumption expenditure is projected to grow by a healthy 7.5 per cent and gross fixed capital formation by 14.6 per cent, the CMIE said in its latest monthly review of the country's economy. In FY 11, the performance of India's economy has been robust, it said, adding real GDP is estimated to have grown by nine per cent during the fiscal. In FY 12, the agricultural and allied sector is projected to grow by 3.1 per cent, on top of the 5.1 per cent growth estimated in 2010-11. This will be the third consecutive year of positive growth, it said. The industrial sector, including construction, is projected to grow by 9.4 per cent during 2011-12, as compared to 8.5 per cent estimated in 2010-11. Growth in industrial production will be driven by a rise in consumption demand and investment demand, it said. Activities in the construction sector are expected to be pushed-up as projects worth Rs 8-lakh-crore are scheduled to be commissioned in FY 12, CMIE said, as compared to Rs 3.5-lakh-crore in FY 11. "The sector is projected to grow by 10.5 per cent during the fiscal, as compared to an estimated 9.5 per cent in 2010-11," it said. Growth in the services sector and its segments is projected to moderate marginally in 2011-12. The services sector is projected to expand by 9.9 per cent during 2011-12, as compared to an estimated 10.2 per cent in 2010-11, it said.
Source: Economic times