CMIE revises GDP growth upwards to 6 per cent

“We have revised upwards our real GDP growth forecast for the current fiscal year to six per cent from 5.8 per cent. This revision comes on account of a better-than-expected performance of the Index of Industrial Production (IIP) and cargo movement at ports and railways,” Centre for Monitoring Indian Economy said.

An increase in advance tax payments by corporates is also a clear indicator of an improvement in the economy, the city-based think-thank said in its monthly review here.
Since June 2009, the domestic economic situation has changed dramatically and the adverse impact of the global liquidity crisis has almost become history, it said.

“In June and July 2009, the performance of the manufacturing sector was better than expected. The production index of the manufacturing sector grew by 7.8 per cent and 6.8 per cent, respectively, in these months.” It expects robust growth to continue in the remaining months of the current fiscal. The growth will be led by cement, automobiles and electricity segments.

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