Government pares down growth outlook to 7.7 percent for this fiscal

By IANS,

New Delhi : The Indian economy is likely to grow at a rate of 7.7 percent in 2008-09, compared to 9 percent in the last fiscal, predicts the government’s economic outlook report released here Wednesday.

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The agriculture sector is predicted to grow by a very low 2 percent, worse than the poor 4.5 percent growth recorded last fiscal, says the report.

Growth in the industrial sector is also likely to fall to 7.5 percent this fiscal from 8.5 last fiscal.

The services sector will grow 9.6 percent, predicts the report, compared to 10.8 percent last fiscal.

The report, prepared by the Prime Minister’s Economic Advisory Council, was presented to Prime Minister Manmohan Singh here Wednesday.