International Forex Inforamtion

RTTNews) - India's economy is likely to grow above 6% in 2009-10 as demand is up across sectors, and the economy is getting back to its growth path, said Confederation of Indian Industries (CII). In a meeting of its National Council held in Mumbai on Friday, over 70% of CII members believed the economy would grow above 6% in the current fiscal.

The industry body said the industry and services have shown signs of recovery with the help of stimulus packages. However, CII expressed concern about the agricultural output, which might pose some risks to the GDP.

CII Director General Chandrajit Banerjee said the industrial production has risen considerably with increase in business confidence, along with the return of stabilized financial markets and capital inflows, all indicative of upside prospects. The industry grew 9.1% in September.

In its survey of 1,022 firms in manufacturing and service sectors, the CII report showed that the second quarter results of the current fiscal showed signs of stabilization.