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Journalism of Courage
Chief Statistician Pronab Sen has said the projected 7.2 per cent economic growth for this fiscal may be revised upwards,if the industrial production remains buoyant in the fourth quarter.
“Yes,if the high IIP growth continues…if it stays in the double digit in all the months to follow…the likelihood (of double-digit) is pretty good,” said Sen when asked whether advance growth estimates may be revised upwards.
The Central Statistical Organisation (CSO),in its advance estimate has projected 7.2 per cent GDP growth rate for the current fiscal. This is less than 7.5 per cent growth forecast by RBI and 7.75 per cent pegged by the Finance Ministry in mid-term economic review.
Finance Minister Pranab Mukherjee and Prime Minister’s Economic Advisory Council have pegged economic growth at 7.5 per cent for this fiscal from 6.7 per cent in 2010. Prime Minister Manmohan Singh had also said the economy is likely to grow by 7.5 per cent this fiscal.
Industrial production surged to a 16-year high of 16.8 per cent in December 2009,against the contraction of 0.2 per cent in the same month a year ago,driven by a robust performance by the manufacturing sector,particularly consumer durables.
However,the advance data were for December was released before the industrial production. Sen said the GDP projection was calculated in the advance estimate based on the relatively weak industrial output number.
