Home / Knowledge / News / CRISIL expects agriculture to grow at 3%
CRISIL expects agriculture to grow at 3%
22
Apr '08
CRISIL has revised its GDP growth forecast to 8.1 per cent for 2008-09 from the earlier forecast of 8.5% in view of the worsening inflation, interest rate and global growth outlook. Some moderation notwithstanding, the overall growth scenario is expected to remain strong with investment as the main driver.

Domestic private consumption demand will also provide some support to the economy against slowing external demand. Sectoral forecasts for industry and services have also been adjusted downwards to 8 per cent and 9.8 per cent respectively. Assuming a normal monsoon this year, we expect agriculture will grow at 3 per cent.

Mr. Dharmakirti Joshi, Principal Economist, CRISIL, elaborates, "Our earlier GDP forecast of 8.5 per cent had assumed a cut in the policy interest rate by the central bank in response to the slowing economy.

This is now ruled out since current inflation and inflationary expectations are way beyond the RBI's comfort zone of 4.5 to 5.0 per cent. This, coupled with, the recent scaling down of global growth projections has resulted in us revising our growth projections downwards for 2008-09. The growth will be slower but still a healthy 8.1 per cent."

The current pressure in inflation is from primary commodities and oil - a worldwide phenomenon related to the supply crunch which is not expected to ease soon. As a consequence, despite growth deceleration, we expect inflation at an average of 5.5 per cent in 2008-09 undera normal monsoon scenario.


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search