India to Cross $1 trillion in GDP by Next Year; Fastest GDP Growth in 18 Years
Indian
economy, Asia's fourth-largest, was expected to expand 9.2% this fiscal
year ending in March, its fastest growth in almost two
decades, according to the government reports. By comparison, China's
economy grew 10.7% in 2006. India's economic growth has averaged 8.3% over the past three
fiscal years.
India's nominal GDP is expected to touch about $900 billion this year and next year India is expected to cross $1 trillion in GDP, according to Standard Chartered Bank estimates.
- Manufacturing output growth was seen at 11.3% compared with 9.1% a year ago
- Services sector, which make up more than half of economic activity, were seen growing 11.2% in 2006-'07 compared with 9.8% a year earlier.
- Farming, which generates a 20% of GDP but employs about 60% of the population, was estimated to grow 2.7% percent in 2006-'07.
- Electricity was seen expanding 7.7%.
Related:
India
expects fastest GDP growth in 18 years
India's billion-dollar buyouts - CNNMoney.com
