New
Delhi: India's economy grew at a scorching 8.0 per
cent growth rate in April-September 2005 half year period,
led by strong output in services and manufacturing, data
showed today.
Analysts
were surprised by the figures as they had expected growth
to slow through the year because of high oil prices and
suspected sluggish exports.
Government
data revealed that manufacturing grew by an average of
9.2 per cent during the period despite a slowdown in the
second quarter, while services continued to remain robust.
Financial and real estate services grew 9.9 per cent in
the first six months compared with the same period a year
ago.
Recently
Prime Minister Manmohan Singh predicted a 7.5 per cent
growth for the current fiscal year through March 2006,
and said the country should aim to accelerate the pace
to 10 per cent in two to three years.
The
PM said the government is giving a big push to agriculture,
which has long been a drag on the broader economy and
kept India from catching up to its main economic rival,
China.
The
RBI has forecast that the Indian economy will grow 7.0-7.5
per cent for the financial year ending on March 31, 2006,
compared with 6.9 percent growth in 2004/05.
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