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Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday scaled up the commission's earlier growth projection of 6.3% for the current fiscal, in anticipation of stronger industrial growth during the second half of this fiscal.
Ahluwalia noted that except for the current drought situation, India's economy that was affected by the global meltdown was moving towards stabilization. He expects the growth to revive from the last quarter and the next six months would be better than the first half of the current fiscal.
Slipping from a robust GDP (gross domestic product) growth of about 9% in the previous years to 6.7% in fiscal 2009 as a direct fall-out of the global financial crisis, the economy managed to notch up a growth of 6.1% in the first quarter of this fiscal. And now with discernible signs of recovery and economic stability setting in, a growth rate higher than 6.3% is expected, he added.
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