India Economy Survey Expects 7.6% Growth

15 March 2012 20:30 - Florence Fullalove

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India Economy Survey Expects 7.6% Growth

The annual Economic Survey released today by the finance ministry has said that India’s economy is likely to pick up pace in this year and in 2013 and grow 7.6%. Growth in Asia’s third-largest economy has been hurt by monetary tightening over the past couple of years and a weakening global economy that has slowed demand for Indian exports. The report also predicted that after 2013 economic growth would be at 8.6%. The survey said that the service sector continued to remains the driving force for the Indian economy and that India is projected to be the second fastest growing major economy after China. For the April to January period, the budget deficit stood at 4.35 trillion rupees, 5% more than the estimated fiscal gap for the full year. It said, “The industry sector contributes nearly 26% to India’s gross domestic product. However, maintaining the growth momentum, the service sector recorded expected growth rate to bottom out the industrial slow down across the globe.”

The survey also said, “The service sector along with the agricultural sector placed India in the top fasting growing economies of the world despite the Eurozone crisis and North American economic instabilities.”

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Related Links:
• Government of India
Ministry of Finance
• The Economic Times
Economic Survey 2011-12
• Economic Calendar
For scheduled economic events
• Latest News
For regular news updates

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