GDP grows 9.3%
Notwithstanding interest rate hikes, the Indian economy continued with its 9% plus growth story, thanks largely to strong rise in manufacturing and service sector output. Data released by Central Statistical Organisation on Friday estimated gross domestic product to have increased 9.3% during the first quarter of 2007-08, compared to 9.6% during April-June last year.
In the coming months, however, economists expect the growth rate to dip a little and close the year around the 9% mark. RBI expects GDP to rise grow around 8.5% though FM P Chidambaram told reporters he expected the economy to grow at close to 9%.
