India's GDP growth in FY2010-11 can be expected to be higher than the 8.0% projected in the April 2010 Monetary Policy Statement, the Reserve Bank of India (RBI) said in its Macroeconomic and Monetary Developments for the First Quarter of FY11.
Going by the progress of the monsoon so far, agricultural output is expected to be better than last year. Industrial production continues to exhibit double digit growth in the current year; notwithstanding some moderation in May 2010, the downside risks to growth are low.
Lead indicators for services activities suggest continuation of the growth momentum.
The Professional Forecasters’ Survey conducted by the RBI in June 2010 places overall (median) GDP growth rate for FY11 at 8.4%, higher than 8.2% reported in the previous round of the survey, the central bank said today.
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