India'S GDP Growth Is Less Than 9%.
The India Federation of Commerce and industry (ASSOCHAM) predicts that the growth of GDP will be affected in 2008-09 as a result of slow growth in industrial production in June.
Mr. Sajjan Jindal, President of ASSOCHAM, said that the phenomenon of continuous regression in manufacturing industry dropped by 5.4% in June 2008 and 8.9% in the same period last year. So this is a serious problem now.
Even if the industry takes full advantage of incentives and preferential policies, GDP growth will not be close to 9%, he said.
He said that under lucky circumstances, India's GDP growth rate could reach 8%, because the industrial production losses in the first quarter of this fiscal year were huge.
According to him, only the growth of durable consumer goods is satisfactory, but it is doubtful whether it will continue.
This year's rainy season is very good, and agricultural production is expected to continue to expand, which will make up for some of the losses in industry.
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