GDP for FY11 likely to be more than 9%: Industry

GDP for FY11 likely to be more than 9%: Industry

New Delhi: With the economy expanding at an impressive pace in the second quarter, industry body Assocham on Tuesday said the overall Growth Domestic Product (GDP) for 2010-11 is likely to be more than 9%.

“The GDP numbers seem exciting and highly endorse the India’s growth story," chamber’s president Swati Piramal said.

She said Assocham is expecting the overall GDP will grow by more than 9% in this financial year.

The growth rate for the first quarter of this fiscal was revised upwards to 8.9% from 8.8%.

Buoyed by 8.9% GDP expansion in the July-September quarter, chief economic adviser Kaushik Basu also said it is possible to record 9% growth this fiscal.

“It is not impossible any more. We are very close to that," Basu told reporters when asked whether the economy will grow by 9% in the current fiscal.

Piramal further said the rise in agriculture output is mainly on account of a good monsoon this year.