Feb 25, 2011, 06.25 PM | Source: Moneycontrol.com
The Indian economy is expected to grow at 8.75-9.25% in financial year 2012 according to the economic survey for the year 2011-12 announced on Friday.
Robust growth and steady fiscal consolidation have been the hallmark of the Indian economy in the year 2010-11 so far. The growth rate has been 8.6% in 2010-11 and is expected to be around 9% in the next fiscal year.
The growth has been broad-based with a rebound in the agriculture sector which is expected to grow around 5.4%. Manufacturing and services sector have registered impressive gains. Savings and investment are looking up while exports are rising. However, food inflation, higher commodity prices and volatility in global commodity markets have been a cause of concern underscoring the need of fiscal consolidation and stronger reserves.
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