Industry & Economy
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Economy
CII predicts 9 pc GDP in third quarter
Our Bureau
New Delhi
,
Dec. 31
THE Confederation of Indian Industry (CII) on Wednesday predicted that the gross domestic product (GDP) growth during the third quarter of the current fiscal year is likely to reach 9 per cent.
The Central Statistical Organisation (CSO) today reported an 8.4 per cent growth in GDP during the second quarter of the current fiscal year.
In a statement, the CII has said that it bases its forecast on the achievement of 8.4 per cent GDP growth during the second quarter of this year.
"The second quarter does not include the impact of the excellent monsoons during the year. The third quarter results will reflect some of the benefits of the monsoon and, therefore, growth should reach 9 per cent," the chamber has said.
Similarly, in a statement, the President of the Federation of Indian Chambers of Commerce and Industry, Dr A.C. Muthiah, has said that the GDP growth of 8.4 per cent during the second quarter, riding on a hefty growth in the agriculture sector should auger well for domestic industry during 2004.
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