Feb
12
It’s not all gloom and doom for India. The advance estimates of national income released by the Central Statistical Organization brings much hope for the ailing economy.
The Indian economy will see the second-fastest growth rate of 7.1 per cent for 2008-09, according to the advance estimates of the CSO.
These advance estimates are based on anticipated level of agricultural and industrial production, analysis of budget estimates of government expenditure and performance of key sectors like, railways, transport other than railways, communication, banking and insurance, available so far.
When Union Home Minister P Chidambaram held the finance portfolio, he had pegged India’s growth rate in the current year at between 7 and 8 per cent. He had said that India would continue being the second fastest growing economy in the world despite the global economic slowdown.
Meanwhile, International Monetary Fund had predicted that India would grow at 7.8 per cent in 2008, and 6.3 per cent in 2009.