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CMIE cuts GDP growth to 7.9pct

The Centre for Monitoring Indian Economy has revised the economic growth forecast for the current year downwards to 7.9% from the earlier 8%; which is above the majority view of 7.5% but below the 8.5% growth recorded in FY11.

CMIE said in its monthly review that “The decline in forecast is entirely because of scaling down for the industrial sector. The decline would be attributed to a sharp fall in the growth in agriculture from a rather high 6.6% to 2.9% and the fall in the growth in industry from 7.9% to 7.5%.”

CMIE said the industrial sector is expected to slow to 7.5%, lower than earlier forecast of 7.8%. Similarly, the manufacturing sector will grow by 7.5% as against earlier estimate of 8%, and growth forecast for mining sector has been revised from 4.8% to 4.4%.

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