Monsoon revival to help economy grow at 5.9%: PHD Chamber

Tags: Economy
The revival of Southwest monsoon has widened India's growth prospects with GDP expected at around 5.9% for the current fiscal, in line with the projection made by the Economic Survey, PHD Chamber of Commerce and Industry has said.

"Industrial sector is showing signs of recovery. IIP has shown an encouraging 4.7% growth for the month of May. We believe that with 5 to 6% growth in industry sector, 3 to 4% growth in agriculture sector and 7 to 8% growth in services sector, the real GDP growth will clock at around 5.9 to 6% during FY2015," the industry body's President Sharad Jaipuria said.

According to the Indian Meteorological Department, heavy rains that covered the entire country have narrowed the monsoon deficit to 36% from 45% in earlier weeks.

"We believe that revival in monsoon and announcements in the Union Budget 2014-15 for agriculture sector such as focus on increasing irrigation facilities, farm markets, financial help to landless farmers and Kisan TV to provide real time information to farmers would help increase farm productivity in the coming times," Jaipuria said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • India would have done well not to supress the 'Bofors interview'

    Bofors is one case that refuses to go away two-and-half decades after it grabbed public attention and became a byword for political corruption, claimi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Varun Dutt

Biogas Potential in India

Biogas is a form of renewable energy produced from organic ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture