NEW DELHI, Jan. 17 (APP): India has brought down its growth projection to 8.9% from 9 % for the year 2007-08 due to slow expansion in manufacturing and energy sector.
A review report of Prime Minister’s Economic Advisory Council released by Council Chairman C Ranagarajan on Thursday said “our current assessment for GDP growth rate in 2007-08 is marginally lower than our previous estimate in July 2007. The main difference stems from lower than expected expansion in manufacturing output and lower growth in the output of energy utilities.”
The expected rise in farm growth would partially offset the lower expansion rate in manufacturing and energy sector, the review report said.
The report said the industrial growth will scale down to 9.7 pc, services sector growth to be 10.3 % from 10.4 %.
The report said Capital inflows would rise to USD 103 billion from USD 58 billion and inflation will be sub-4 per cent, if petrol prices remain static.