New Delhi, (IANS) India Monday forecast its economic growth for this fiscal at 7.2 percent, as against 6.7 percent achieved in the previous fiscal, despite a 0.2 percent declined predicted in farm output.
The advance estimates of the country's gross domestic product released by the Central Statistical Organisation (CSO) forecasts a growth of 9.9 percent in services and 8.9 percent in manufacturing -- the highest among the eight broader economic activities.
Mining and quarrying comes next with an 8.7 percent expansion followed by 8.3 percent for trade, hotels, transport and communications, and 8.2 percent each for energy and water, and social and community services.
The per capita income in real terms is also likely to expand 5.4 percent to Rs.33,540, compared to Rs.31,821 in the previous fiscal, said a statement from the agency, under the ministry of statistics and programme implementation.
"These advance estimates are based on anticipated level of agricultural and industrial
production, analysis of budget estimates of government expenditure and performance of key sectors like, railways, transport other than railways, communication, banking and insurance, available so far."
The percentage growth under the eight categories of business activities for this fiscal are as under, with figures for previous fiscal in brackets:
- Overall gross domestic product: 7.2 (1.6)
- Agriculture, forestry and fishing: -0.2 (1.6)
- Mining and quarrying: 8.7 (1.6)
- Manufacturing: 8.9 (3.2)
- Electricity, gas and water supply: 8.2 (3.9)
- Construction: 6.5 (5.9 )
- Trade, hotels, transport and communication: 8.3 (7.6)
- Financing, insurance, real estate business services: 9.9 (10.1)
- Community, social and personal services: 8.2 (13.9)
