The industrial growth rate in the later half of this year has surprised almost everyone. For those, who were keeping their fingers crossed about the Indian economy have reasons to cheer. The Indian growth story was in danger of encountering rough roads ahead of it. With the Satyam fiasco and biggies like Wipro coming under public scanner, the stock prices kept plummeting. However, as things pick up near the end of the year, stalwarts have again given a forecast of a significant growth rate that would lead us into the next year.
It is projected that the growth rate next year could be anywhere between 7%-8%.
Even though the GDP contribution of the agriculture sector has fallen down about two percent, the deficit is covered up by the rise in the contribution of the goods and services sector.
The central governments policies and measures during the time of recession prevented Indian banks from indulging into wrongful practices because of which the financial collapse of the west was not felt much in the Indian subcontinent.
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