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'Growth rate should now show improvement in current fiscal' - FICCI
May '09
The revised estimates for the fiscal year 2008-09 have put the GDP growth at 6.7%. This shows resilience of the Indian economy against the background of global recession during the later part of the last year.

“With the reversal of contractionary monetary policy and fiscal stimulus measures, the growth rate should now show improvement in the current fiscal (2009-10)”, felt Mr. Harsh Pati Singhania, President, FICCI.

A major reason for the slippage in growth has been the sharp slide in the agricultural as well as the manufacturing sectors. Growth rate of agricultural sector dipped to 1.6 percent compared to 4.9 percent in the previous fiscal year.

Likewise, manufacturing sector growth declined sharply to 2.4 percent this year from 8.2 percent growth in the previous fiscal year. While the policy stimulus should take care and give a boost to manufacturing sector, the monsoon pattern this year will very critically determine the agricultural economy.

The need of the hour is to provide encouragement to the industrial sector to rekindle the growth triggers.

Federation of Indian Chambers of Commerce and Industry

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