Crisil revises upward GDP forecast to 8.6%

“Crisil has revised India’s growth forecast upwards to 8.6 per cent for 2010-11 in view of the economy’s strong performance in the first two quarters of 2010-11, as shown by the recent CSO release,” the ratings agency said.

Crisil has earlier put its growth forecast for the country during this fiscal at 8.2 per cent. “We have upgraded our GDP growth forecast to 8.6 per cent for 2010-11, based on our expectations of 8.4 per cent growth in private consumption. The internal rebalancing of growth in India now seems to be complete...,” Crisil Chief Economist D K Joshi said.

The agency, however, said that industrial growth is expected to decelerate to 7.3 per cent in the second half from 10.1 per cent in the first half of 2010-11.