Buoyancy in agriculture sector lifted India's economic growth to 9% in 2007-08
Sysndicated Media
May 31, 2008

Finance Minister P Chidambaram, expressing satisfaction over the 9% economic growth in 2007-08, said that economy will grow at a minimum rate of 8.5% in 2008-09. "As the year (2007-08) progressed, there were some doubts whether we will be able to achieve 9% growth rate", he said. He further added, "I dare say with some degree of confidence that India will show admirable resilience and 2008-09 will also return a growth rate of not less than 8.5%, and if there is some luck I should be able to maintain my track record of 9% growth rate in 2008-09." He said that if the world economy is benign, India can grow at 10% as well in 2008-09.

Agriculture sector lifted India's economic growth to 9% in 2007-08 from the earlier projection of 8.7%. This will be the third year in a row, when the Indian economy grew at the rate of 9% and above. In 2005-06, the economy grew at 9.4% followed by 9.6% in 2006-07.

The agricultural and allied sectors grew by 4.5% during 2007-08, compared to earlier estimates of 2.6%. However, the manufacturing sector witnessed some slowdown. The growth rate in the sector for 2007-08 lowered to 8.8% from the initial estimate of 9.4%.

Buoyancy in agriculture sector lifted India's economic growth to 9% in 2007-08
Sysndicated Media
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