India's Economy May Grow 7% In FY10: PMEAC

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The Prime Minister's Economic Advisory Council, or PMEAC, has said that the country's economy is likely to grow by 7% in the current fiscal, as the second quarter gross domestic product or GDP grew by a robust 7.9%, media reports said. Earlier, the country's GDP was projected to grow 6.5%.

PMEAC Chairman C. Rangarajan said the Council would revise its growth projection by January. Last year, in spite of the adverse impact of the global economic crisis, India's GDP grew by 6.7%.

The high growth in the second quarter was mainly because of the performance of industry and the services sectors.

(Market News Provided by RTTNews)