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E-mail ID will not be published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.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture