The Hindu Business Line : Q3 growth estimated at 8.9 pc: Jaswant

THE quick estimate of the Central Statistical Organisation (CSO) indicates an economic growth of 8.9 per cent in the third quarter of the current fiscal, according to the Finance Minister, Mr Jaswant Singh. This is upwards of the growth of 8.4 per cent witnessed in the second quarter.

Last week, the CSO had released figures stating that the economy is expected to grow by 8.1 per cent for the current fiscal.

"This growth of 8.9 per cent is a remarkable figure. Growth has been seen in manufacturing, services and agriculture,'' said Mr Singh, speaking at the `Electrolux-FE Awards for Women in Business 2004' today.

He also said that the inflation rate would come down and touch the estimated 4-4.5 per cent level by the end of the fiscal. "I'm confident that the inflation figure will come down to the estimated number.''

However, the latest inflation data indicates a much higher figure for the week gone by at 5.8 per cent.

Addressing a gathering of industrialists, the Finance Minister said that corporates should reach out and acquire companies abroad.

He lauded the Tatas on their recent $102-million acquisition of the Daewoo commercial vehicle business.