CMIE ups GDP growth forecast to 6.2 p.c.

The Centre for Monitoring Indian Economy (CMIE), has revised its real GDP growth forecast for the current fiscal year to 6.2 per cent from the earlier six per cent.

The upward revision in the GDP projection comes on the back of a better performamnce of the country’s economy in HI of the current fiscal (FY 10), the economic think-tank said in its latest report.

“The Indian economy’s performance during the first-half of the 2009-10 has turned out much better than our expectations. This warrants an upward revision in our real GDP growth for the second consecutive month. The revision this time is from six per cent to 6.2 per cent,” it said.

CMIE last month also had upped the GDP growth to six per cent from the 5.8 per cent that it had projected in September.

The industrial sector (including construction) is expected to grow by 7.4 per cent while the services sector by 8.5 per cent in FY 10, the report said.

Last fiscal, the growth in the two sectors was 3.9 per cent and 9.7 per cent, respectively.