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Standard & Poor's, the rating agency, raised India's economic growth forecast by 30 basis points to 6.3% for the current fiscal compared to its earlier forecast of 5.8% , reports PTI. The agency attributed the raising of forecast to the stimulus measures of the government and due to improving global scenario.
S&P Chief Economist Subir Gokarn said that India's domestic demand would help it maintain a respectable growth. He said that the growth in industrial production would balance the deficient rainfall and added that the swine flu pandemic would not hit a macro-economy like India.
India's June industrial production witnessed a surprise positive growth reporting 7.8% growth as against 5.4% in the year ago month proved that economy is recovering.
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