RBI survey puts India's FY'11 GDP growth at 8.7 per cent
03 Feb 2011
The Indian economy is expected to end the current financial year with an annual growth rate of 8.7 per cent, a survey by the Reserve Bank of India (RBI) among professional forecasters showed.
Forecasters have revised their estimates of real GDP growth rate in 2010-11 upwards to 8.7 per cent from 8.5 per cent in the previous survey.
The forecast of higher growth rate has been based mainly on an expected increase in agricultural production and growth in services.
For the year 2011-12, forecasters expect the country's real GDP growth rate to be 8.5 per cent, mainly driven by the service sector.
For the year 2010-11, forecasters have assigned the highest probability (60.7 per cent) to 8.5-8.9 per cent growth range for GDP. For 2011-12, they have assigned maximum probability (38.3 per cent) to 8.0-8.4 per cent growth range for GDP.
For the year 2010-11, forecasters have revised the growth rate for agriculture upwards to 5.0 per cent from 4.6 per cent in the previous poll.