Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission, says the November industrial growth results are better than expected. He says that given Indian industry's performance, it is quite likely that growth estimates could be raised to above 7%. "I wouldn't go as far as 7.5%, but definitely 7% or a little more is quite likely this year."
In data that came in yesterday, the Index of Industrial Production (IIP) for November grew by 11.7% since last November. As compared to the last month, the IIP grew at 10.3%. The IIP growth rate in November 2008 was at 2.5%.
C Rangarajan, the Prime Minister's Economic Advisor, told Reuters that he expects India's economic growth in FY10 to be around 7-7.5%. "These are encouraging signs. It shows the economy is growing strongly and growth forces are robust. We should expect the overall economic growth at 7-7.5% in the current financial year," Rangarajan said at a banking conference.
Source: CNBC-TV18Courtesy moneycontrol.com
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