BBC NEWS | Business: "Growth from January to March was 8.2% compared with a year earlier. But the figure was lower than forecast and down from 10.4% the previous three months. Agriculture accounts for about 25% of total gross domestic product (GDP) and crops are at record levels. As a result, economic growth in the past fiscal year, which runs from March to March, was 8.2% - the fastest expansion in 15 years. However, the boom may increase pressure on the central bank to raise borrowing costs, analysts said. Manufacturing output increased 7.6% from the previous year; while financing, insurance and real estate services saw growth of 8.5% - helped by lower borrowing costs. The economy also got a lift from an increasing number of tourists, pushing expansion to 14% in the trade, hotels, transport and communication industries."
Thursday, July 01, 2004
India stays on fast-growth track
BBC NEWS | Business: "Growth from January to March was 8.2% compared with a year earlier. But the figure was lower than forecast and down from 10.4% the previous three months. Agriculture accounts for about 25% of total gross domestic product (GDP) and crops are at record levels. As a result, economic growth in the past fiscal year, which runs from March to March, was 8.2% - the fastest expansion in 15 years. However, the boom may increase pressure on the central bank to raise borrowing costs, analysts said. Manufacturing output increased 7.6% from the previous year; while financing, insurance and real estate services saw growth of 8.5% - helped by lower borrowing costs. The economy also got a lift from an increasing number of tourists, pushing expansion to 14% in the trade, hotels, transport and communication industries."
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