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NCAER projects 7.2 p.c. GDP growth

Special Correspondent

NEW DELHI: The National Council of Applied Economic Research (NCAER) has projected an overall economic growth of 7.2 per cent in the current fiscal, backed mainly by industry (7.6 per cent growth) and the services sector (8.5 per cent).

The NCAER in its latest monthly report, Macrotrack, released here on Wednesday said that a 6.9 per cent GDP growth in 2004-05, as per the estimates of the Central Statistical Organisation (CSO), was impressive, coming as it did on the back of a 8.5 per cent growth in 2003-04. With the farm sector lagging, the industry and services sectors continued to perform well and the same is expected in the current fiscal too.

Also, more heartening is NCAER's projection of a normal monsoon, although firm data on the expected rainfall and its spread across the regions is still unavailable. Despite this, the Council feels that the better rainfall will result in a 3.3 per cent growth in agriculture in 2005-06. As in the previous year, NCAER is of the view that trade will be the "growth driver" yet again and help the Government meet its fiscal target.

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