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Economy to grow by 7.1% in FY04, says Crisil
New Delhi, Nov 11: Economy is slated to grow by 7.1 per cent this fiscal after the excellent monsoon although fiscal deficit may overshoot the target, credit rating agency Crisil said on Monday.
New Delhi, Nov 11: Economy is slated to grow by 7.1 per cent this fiscal after the excellent monsoon although fiscal deficit may overshoot the target, credit rating agency Crisil said on Monday.
"The GDP growth in 2003-04 is expected at 7.1 per cent," Crisil's chief economist Subi Gokarn told a news conference.
Agricultural sector is expected to grow at 7.3 per cent on the back of a robust growth in the third quarter, he said adding industry was likely to post a 6.3 per cent growth while the service sector is forecast to grow by 7.5 per cent during this fiscal.
Referring to the 5.7 per cent growth in GDP in the first quarter of 2003-04, Gokarn said the economy would grow by 6.3 per cent in the second quarter, 7.9 per cent in the third and 8.2 per cent in the fourth quarter.
Crisil's 7.1 per cent GDP growth forecast compares well with recent forecast by RBI (6.5-7 per cent), NCAER (6.6-7.0 per cent), CMIE (7.4 per cent), ICRA (6.5-6.9), HSBC (7.5), IMF (5.6) and ADB (6.0). Bureau Report
Agricultural sector is expected to grow at 7.3 per cent on the back of a robust growth in the third quarter, he said adding industry was likely to post a 6.3 per cent growth while the service sector is forecast to grow by 7.5 per cent during this fiscal.
Referring to the 5.7 per cent growth in GDP in the first quarter of 2003-04, Gokarn said the economy would grow by 6.3 per cent in the second quarter, 7.9 per cent in the third and 8.2 per cent in the fourth quarter.
Crisil's 7.1 per cent GDP growth forecast compares well with recent forecast by RBI (6.5-7 per cent), NCAER (6.6-7.0 per cent), CMIE (7.4 per cent), ICRA (6.5-6.9), HSBC (7.5), IMF (5.6) and ADB (6.0). Bureau Report