Monsoon revival to help economy grow at 5.9%: PHD Chamber of Commerce

New Delhi: The revival of Southwest monsoon has widened India’s growth prospects with GDP expected at around 5.9 percent for the current fiscal, in line with theprojection made by the Economic Survey, PHD Chamber of Commerce and Industry has said.

“Industrial sector is showing signs of recovery. IIP has shown an encouraging 4.7 percent growth for the month of May. We believe that with 5 to 6 percent growth in industry sector, 3 to 4 percent growth in agriculture sector and 7 to 8 percent growth in services sector, the real GDP growth will clock at around 5.9 to 6 percent during FY2015,” the industry body’s President Sharad Jaipuria said.

[caption id=“attachment_83008” align=“alignleft” width=“380”]  Reuters[/caption]

According to the Indian Meteorological Department, heavy rains that covered the entire country have narrowed the monsoon deficit to 36 percent from 45 percent in earlier weeks.

More from Economy

Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates?

“We believe that revival in monsoon and announcements in the Union Budget 2014-15 for agriculture sector such as focus on increasing irrigation facilities, farm markets, financial help to landless farmers and Kisan TV to provide real timeinformation to farmers would help increase farm productivity in the coming times,” Jaipuria said.

PTI