CMIE raises Q2 economic growth projection to 5.9 per cent
17 Sep 2009
The Centre for Monitoring Indian Economy (CMIE) has revised the country's GDP growth rate for the current fiscal by a marginal 0.1 percentage point to 5.9 per cent from the 5.8 per cent projected earlier.
CMIE raised the economic growth projection for 2008-09 following a 6.4 per cent growth reported in the last quarter of FY10.
CMIE had estimated real GDP growth to be slower at 4.7 per cent in the June 2009 quarter, compared to 5.8 per cent in the preceding quarter and 7.8 per cent a year ago.
CMIE had cited the slowdown in all the three major sectors such as industry, agriculture and services during the June 2009 quarter.
The prospect of some improvement on the agriculture front following late revival of the monsoon may also have influenced CMIE's projection.
CMIE, however, said the GDP growth rate in the July-September quarter would be lower compared to the April-June quarter while the growth rate would be even lower at 4.6 per cent in the third quarter (October-December) of FY10.
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