Business | Markets
India's GDP growth rate may hit three-year high
Economy may expand by up to 8.75%
- Bloomberg
- Published: 00:00 April 3, 2010
New Delhi: India's pace of economic growth is "impressive" and may accelerate to the fastest in three years this financial year, Finance Minister Pranab Mukherjee said.
The economy may expand between 8.25 per cent and 8.75 per cent in the 12 months through March, Mukherjee said in New Delhi yesterday, reiterating a February Finance Ministry forecast.
India's gross domestic product probably expanded 7.2 per cent last fiscal year, "which is impressive by global standards," Mukherjee said, adding he's "optimistic that growth will climb back" to the higher pace forecast this year.
Expansion in Asia's third biggest economy after Japan and China is "consolidating," Central Bank Governor Duvvuri Subbarao said on March 22.
Living on less
Prime Minister Manmohan Singh aims to boost growth to 10 per cent, a pace needed to pull 828 million, people living on less than $2 (Dh7.3), a day out of poverty.
India's manufacturing expanded for a 12th straight month in March, according to the Purchasing Managers' Index released by HSBC Holdings and Markit Economics on Thursday.
A reading above 50 indicates a gain in factory production.
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