After achieving the desired economic growth, Indian economy is now gearing up to achieve the 9.2% mark in the current fiscal year, ending March. India’s manufacturing and services sectors have been considered as crew members of this robust growth.
According to the prior official estimates, Asia’s forth-largest economy was projected to grow 9.2%, which exceeds the central bank’s own forecast of between 8.5% and 9%.
Planning Commission chairman Montek Singh Ahluwalia said:
The country must aim to higher growth. We had 9% growth in two years….and we could think of aiming for a better growth in the 11th plan.
With the country’s stock market constantly striking at 14,500 marks, the data released by World Bank shows that India’s GDP along with South Korea and Brazil, is closest to touch $900 billion, and by the next year it is expected to join the elite club of $1 trillion GDP.
However, India is poised to scale new heights, which are driven by very high investment rate, good consumption and export demand but agriculture–the backbone of Indian economy that generates around 60% employment for Indians, was expected to increase by just 2.7%.
Therefore, it’s the need of the hour to pay special emphasis on farming sector. The union government should forge a joint mechanism with states governments, which would enhance the productivity of agriculture.