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India forecast its economic growth for this fiscal at 7.2%, as against 6.7% achieved in the previous fiscal, despite a 0.2% declined predicted in farm output.
According to the data released by the Central Statistical Organisation (CSO), the services sector may see a growth of 9.9% whereas the manufacturing sector may grow at 8.9% this year, making the highest growing sectors among the eight broader economic activities.
The other sectors which may come next are, Mining and quarrying, with 8.7%, 8.3% for trade, hotels, transport and communications, 8.2% each for energy and water, and social and community services.
The CSO statement also says that the per capita income in real terms is also likely to expand 5.4% to Rs.33,540, compared to Rs.31,821 in the previous fiscal.
"These advance estimates are based on anticipated level of agricultural and industrial production, analysis of budget estimates of government expenditure and performance of key sectors like, railways, transport other than railways, communication, banking and insurance, available so far," it further said.
The percentage growth under the eight categories of business activities for this fiscal are, Overall gross domestic product at 7.2% (1.6); Agriculture, forestry and fishing at 0.2 (1.6); Electricity, gas and water supply at 8.2 (3.9); Community, social and personal services: 8.2 (13.9), Financing, insurance, real estate business services: 9.9 (10.1) and Construction: 6.5 (5.9). The bracketed figures indicate the previous year’s result.
